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As on : 05-Feb-2025

Other Markets - Bullion Markets
05-Feb-2025 15:43

Gold hits fresh highs near $2900 per ounce

COMEX Gold futures accelerated gains to hit fresh record highs near $2900 per ounce as investor flocked to the yellow metal on growing safe haven demand. An overall supportive undertone in the global Gold demand in the year gone by when the prices hit record highs and stayed elevated throughout, is keeping the sentiments well supported for the metal. The dollar index tumbled below 108 mark overseas, tracking lower US treasury yields amid ongoing trade war between the United States (US) and China. Although US President Donald Trump delayed tariffs on Mexico and Canada, duties of 10% on Chinese goods kicked in, sparking retaliatory actions by China. Currently, COMEX gold is quoting at $2895 an ounce, up 0.70% on the day. World Gold Council or WGC stated in a latest update that total gold demand rose 1 percent year-on-year in Q4, hitting a record 4,974t for 2024 according to the latest update from World Gold Council . Central banks accelerated purchases to 333t in Q4, pushing annual buying past 1,000t for the third straight year. Investment demand surged 25 percent to a four-year high of 1,180t, while gold ETF holdings stabilized after years of outflows.

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