COMEX Gold futures hit one week high

Published on Mar 02, 2023 11:43

COMEX Gold futures hit one week high of $1850 per ounce yesterday, adding to latest set of gains as bargain buying lifted the commodity. The US dollar index has topped out and currently quotes well under 105 mark, supporting gold. The metal also seems to be tracking the corrective action in the crypto space as the Bitcoin has eased from a six month high near $25000. Gold demand in leading consumer China is looking positive after manufacturing sector in China moved back into expansion territory in February. The latest survey from Caixin revealed on Wednesday with a PMI score of 51.6. That`s up from 49.2 in January, moving above the boom-or-bust line of 50 that separates expansion from contraction. China`s gold imports jumped the highest level since 2018 last year, coming in at 1343 tons.