Find out what the closest buying levels are for gold here
Chicago Fed President Charles Evans said Tuesday that he favors a half-point rate hike in upcoming meetings and a rate hike to 2.25-2.50% by the end of the year. Atlanta Federal Reserve Chairman Rafael Bostic said a 75 basis point rate hike is not on the table, and expressed concerns about the impact of faster policy tightening on the US economic recovery.
On the economic news front, a report from the National Association of Realtors showed that US existing home sales fell 2.7% to an annual rate of 5.77 million in March after declining 8.6% to a downwardly revised rate of 5.93 million in February. Economists had expected existing home sales to decline 3.7% to a rate of 5.80 million from 6.02 million originally reported for the previous month.
Higher rates can reduce the pool of buyers and cool home price growth which is good news for buyers. Higher rates also weaken their purchasing power. Currently, the housing market continues to favor sellers as buyers compete for fewer homes, leading to bidding wars, often paying the selling price much higher than the owner is asking.
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