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| Commodity News |
| HeadLine : |
Central bank demand propels safe-haven gold to record peak |
| Date : |
Apr 9 2024 |
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Gold prices hit a record high for a seventh straight session on Monday, fuelled by central bank purchases and geopolitical tensions, while strong economic data failed to dull bullion’s allure.China’s central bank added 160,000 troy ounces of gold to its reserves in March, it said. Turkey, India, Kazakhstan, and some eastern European countries have also been buying gold this year.Traders are pricing in a 52% prospect of a first 25 basis point cut in June, CME Group data showed. However, data on Friday showed U.S. job growth blew past expectations in March, calling into question the timing of rate cuts.COMEX gold speculators raised their net long positions by 20,493 contracts to 178,213 in the week ended April 2, data showed on Friday.India’s silver imports hit a record high in February, as lower duties encouraged large purchases from the United Arab Emirates, officials told Reuters.U.S. consumer price index inflation data is due on Wednesday and is widely expected to factor into the Federal Reserve’s outlook on interest rates. The minutes of the Fed’s March meeting are also due on Wednesday.
Source: Reuters
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