Spot gold at $5,063/oz after U.S. existing-home sales drop 8.4% in January

(Kitco News) – Spot gold is trading sideways this morning after the latest data showed the U.S. housing market deteriorating beyond expectations last month.Total existing-home sales, including single-family homes, townhomes, condominiums, and co-ops, fell 8.4% to a seasonally adjusted annual rate of 3.91 million in January, the National Association of Realtors (NAR) announced on Thursday.