home prices

US reports this week showed that consumer confidence impaired in December while single-family home prices dropped double the expected pace in October which contributed to optimism about economic recovery.

The Conference Board reported that worries over the jobs market pushed an index of consumer attitudes to 52.5 in December from 54.3 in November. It is below the median of forecasts from analysts polled by Reuters for a reading of 56.0.

Gold remained near its two-week high above $1,400 on Wednesday as the US scraggy economic data boosted the metal's safe-haven appeal, while bullish forecast for next year helped keep the market sentiment buoyant.

According to the latest data from the United States consumer confidence deteriorated in December while prices of single-family homes dropped almost twofold of the expected rate. It questioned the accelerating recovery of the world’s largest economy.

Wednesday in Shanghai, bullion prices slid as modest growth in US consumer confidence and improved home prices eased some worries of another downturn in the US.

Spot gold prices eased by 0.3% or $3.19, slipping to $1,245.80 an ounce by 2:56 GMT, easing from a two-month peak of $1,249.90 hit on Tuesday. Precious metal’s prices slid after touching a two-month high on Tuesday as investors continued to worry about the prospects of the global economy and sought refuge in the yellow metal.