U.S. Existing-Homes Sales Fall In Feburary

A report on sales of previously-existing homes in the U.S. revealed a 9.6% drop; prices fell to their lowest level since April 2002. The February drop was below expectations.

The National Association of Realtors on Monday said sales of existing homes dropped to a seasonally-adjusted annual rate of 4.88 million from an upwardly revised 5.4 million in January. Economists surveyed by MarketWatch expected sales to drop to a rate of 5.1 million.

The gold market, after skidding to a regular-trading low of $1,427 at 9 AM ET, rallied on the news from $1,429. The jump to $1,433 didn't last, though; the metal faded back to $1,430 after the excitement faded.