Today in New York Gold consolidated after that it rebounded from a 10-week low after that a report showed lower U.S. home sales triggered concern that the economy still faces challenges to accordingly boost the demand for haven assets.
In fact the U.S. new home sales 14.5% in March to 384,000 annualized pace, the lowest in eight months, compared with 440,000 annualized pace in February. Analysts had expected a rise of 2.3% to 450,000.
While that the black gold also narrow traded in New York after that it plummeted as today’s EIA report showed that the U.S. supplies reached the highest level in more than 80 years.
If truth be told today’s EIA report showed that the U.S commercial crude oil inventories increased by 3.5 million barrels from the previous week. At 397.7 million barrels while that the total motor gasoline inventories decreased by 0.3 million barrels last week.
Plus finished gasoline inventories increased while blending components inventories both decreased last week and distillate fuel inventories increased by 0.6 million barrels last week and are near the lower limit of the average range for the time of the year.
Accordingly the gold is so far trading around $1282.65 an ounce recording a high of $1289.10 an ounce and a low of $1281.00 an ounce and crude is trading around $101.92 a barrel recording a high of $102.05 a barrel and a low of $101.18 a barrel.