Gold eases after hitting record high earlier this week

Published on May 22, 2024 14:31

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.