22-May-2024      14:31

Gold eases after hitting record high earlier this week

COMEX Gold futures pulled back a bit after hitting a record high above $2450 per ounce earlier in the week. The metal currently trades at $2417 per ounce, down 0.27% on the day as global geopolitical scenario remains challenging and central bank buying remains a key theme supporting the metal. There is some concern over Chinese demand trends now after the wild rally in prices in recent months. China?s purchases of physical gold fell to 136 tons in April, marking a 30% tumble from the previous month and the recording lowest reading this year, according to media reports.

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