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Gold lingers around $2400 per ounce mark
07-Jun-2024, 01:11
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.
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.
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