Gold prices have pushed to session highs as the housing market, an important pillar of U.S. economic growth, continued to weaken as consumers bought fewer new homes than expected last month.
New home sales fell to a seasonally adjusted annualized rate of 511,000 homes in July, down 12.6%, the U.S. Commerce Department said on Tuesday. June’s sales were revised down to a rate of 585,000 units.
According to consensus estimates, economists were looking for a sales pace of around 574,000 homes.
Caledonia Mining Corporation plc (LON:CMCL) is a profitable cash generative gold producer with a strong growth profile, Caledonia’s primary asset is the Blanket Mine in Zimbabwe.