Good evening, this is Markets Desk with your closing look at what moved the needle today.
Central banks are doubling down on gold, and the buying pressure that pushed Comex prices to all-time intraday highs above five thousand six hundred dollars an ounce earlier this year shows no sign of letting up. Sovereign institutions are not only accumulating the metal but rethinking how and where they store it, a signal that this isn't opportunistic buying — it's structural repositioning.
Shifting to housing, new construction in the United States fell in May to its lowest level since the height of the two thousand twenty pandemic, a six-year trough that tightens an already inventory-starved market. For prospective buyers, fewer new builds means less relief on pricing and more competition for existing stock, compounding the affordability squeeze that has defined this cycle.
And in equities, SpaceX-linked trading has reached what market participants are calling bonkers levels, with a wave of newly launched leveraged ETFs pulling in massive inflows from retail investors hungry for exposure to the private space giant. The enthusiasm is real, but leverage cuts both ways, and the underlying asset remains illiquid and unpriced by public markets.
That's the tape. Markets Desk, signing off the floor.
