Daily Gold Update

Source: Marketwatch

San Francisco— Gold futures rebounded Tuesday, posting gains after existing-home sales suffered their biggest one-month drop on record and investors sought the relative safety of the yellow metal. Gold for December delivery added $4.90, or 0.4%, to $1,233.40 an ounce on the Comex division of the New York Mercantile Exchange. Bullion snapped a two-session losing streak. Gold hit an intraday low of $1,211.70 earlier and spent most of its first hours of floor trading in the red. The metal had entered a "shallow correction," but flight-to-quality buyers returned, said Adam Klopfenstein, a senior market strategist with Lind-Waldock in Chicago.

Spurring the flight to safety, the National Association of Realtors reported that sales of existing homes in the U.S. plummeted 27.2% in July. Sales of single-family homes hit their lowest point in 15 years. That initially sent gold deeper into the red, along with most other asset classes, but investors eschewing risk were quick to resume buying gold. See full story.