New home sales slowed more than most analysts predicted in October. The annual sales pace of new homes was 728,000 in October. This is up from the revised rate of 716,000 in September. Analysts surveyed were expecting a sales pace of 750,000 in October.

In early currency trading, the dollar rose the most in more than 2 weeks against the euro on concerns that the credit crunch may be spreading to Europe.  

The problem for the outlook on gold is that most analysts are expecting a rebound in the real estate market in the second half of 2008 and Goldman Sachs, among other banking giants, are expecting the dollar to have a better year in 2008.

As a result, Goldman Sachs said today that investors should sell gold in 2008 to take advantage of the steadying dollar.