Reversing December's gain, new home sales slumped by 12.6% to 284,000 units; expectations were for 300,000 units. Inventories of new homes increased to 7.6 months.
As it turned out, gold didn't react well to the good data released during the 8:30 time slot. After stabilizing, the metal turned downwards and sunk to $1,412 before turning up to $1,414. Jitters over this release got gold down to $1,411 shotly after 10:00, the metal again turned up to the $1,414 level.
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