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Gold prices struggling near $2,350 as U.S. new home sales drop 4.7% in April

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- The gold market continues to see robust selling pressure and even disappointing U.S. home sale data is not enough to shake up this downtrend.New home sales dropped 4.7% last month to a seasonally adjusted annual sales rate of 634,000 homes, below March’s downwardly revised rate of 665,000, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced on Thursday.

- Western investors appear to be finally having a positive impact on the gold market, or at the least, they are not getting in the way of higher prices, according to one market analyst.Financial market feud: Coinbase launches oil & gold futures, CME targets bitcoin spot market - A potential West Coast/East Coast feud is brewing in financial markets as two major exchanges creep into each other's carved-out lanes.Last week, Coinbase Derivatives, the leading U.S. cryptocurrency derivatives exchange, announced it would launch retail-sized futures contracts for oil and gold on June 3.

 

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