The Commerce Department reported that building permits also retreated, dropping 2.7% to a rate of 1.394 million. This performance fell well below the anticipated 1.410 million, reflecting a cooling sector that has struggled under the weight of the Federal Reserve’s aggressive interest rate cycle. Elevated mortgage rates continue to sideline potential buyers, effectively reducing the housing market's contribution to the broader economy.

Spot gold responded to the soft economic indicators by climbing 2.34% on the daily chart, trading at $4,363.56 per ounce. The metal’s upward momentum remains tied to these shifting macroeconomic signals, as investors weigh the impact of a struggling housing sector on overall U.S. growth.