Gold jumps near $1,400 after home sales plunge

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Gold prices are rising sharply after US reports that home sales plunged last month.

 Gold prices were rising sharply after the US government reported that home sales plunged last month, raising concerns about the housing market’s recovery.
Gold for December delivery rose $25, or 1.8 percent, to settle at $1,395.80 an ounce, the highest price since June.
Traders bought gold after the Commerce Department reported that new home sales fell 13.4 percent last month. That shook investors’ confidence in the housing recovery and the broader economy.
Gold tends to rise when traders anticipate weakness in the economy and a slower wind-down of the US Federal Reserve’s economic stimulus program. That could weaken the dollar over time, making gold more appealing.
Silver rose 70 cents to $23.74 an ounce.
Beans and grains rose.
Crude oil rose $1.39 to $106.42 a barrel.

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