The National Association of Realtors' estimate of existing home sales rose 2.7% in January to 5.36 million from a downwardly-adjusted 5.22 million in December. This number was above expectations for 5.22 million in January. There's some indication that the NAR may have overestimated home sales by as much as 20% due to a flawed model [so this number should be taken with a grain of salt.] The median price, though, dropped to $158,000 - the lowest since April of 2002.
After sinking to as low as $1,402 by 9:30, gold began rallying before the number was released. Reaching almost $1,409 just after the release, the metal pulled back a bit and continued climbing. Perhaps the question marks surrounding the data helped, but a fall of the U.S. Dollar Index to new lows makes for a better candidate.
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