Gold lingers around $2400 per ounce mark

Published on Jun 07, 2024 13:11

COMEX Gold futures stabilized near two week high, approaching $2400 per ounce today as overall momentum stayed supported amid sustained weakness in the US dollar. World Gold Council (WGC) stated in a latest update that Gold has posted a third consecutive monthly gain in May, rising by 2% m/m to US$2,348 per ounce. Despite the more moderate gain compared to March and April, gold hit a new all-time high of US$2,427 per ounce mid-month before pulling back � likely reflecting some profit taking. WGC says that market activity remained supportive during the month, with net long managed money positions on COMEX hitting a four-year high and gold ETFs seeing net inflows (US$529mn) for the first time since May 2023.