Gold News – 08.May.2024

Gold News

Gold futures saw a slight decrease of 0.2% to $2,320.1 per troy ounce.

This movement was supported by China’s consistent gold purchases.

The Chinese central bank continued to grow its gold reserves in April, adding 1.9 metric tons, now totaling 2,264.3 tons.

The first quarter of the year marked the strongest gold demand from central banks on record.

However, China’s buying pace slowed in April due to the high price levels.

Gold reached an all-time high in April, peaking above $2,400 an ounce, influenced by central bank demand and geopolitical tensions.

In other commodities, copper dropped 1.4% to $9,868.5, and aluminum decreased 1.6% to $2,528.5 per ton.

Author : Arman Shaban
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