COMEX Gold Hits Two Week High Before Easing

Published on May 04, 2021 11:43

COMEX Gold futures surged yesterday, starting the new week on an upbeat note as the US dollar slipped and traders focused on the Chinese demand. The China Gold Association reported that China`s gold consumption in the first quarter spiked around 94% from the same period the previous year to 288.2 tonnes (t). China, the world`s leading gold consumer, saw consumer demand in the first quarter of 2021 rise to 286.4t from the previous quarter. The COMEX Gold futures jumped around 2% in intraday moves to hit a two week high of $1798 per ounce. The counter currently trades down 0.16% at $1789 per ounce.