Gold futures rise close to all-time records on strong safe-haven demand. Futures are up 0.4% at $3,238.40 a troy ounce, close to Friday's record high of $3,263/oz.
The precious metal has also gained on reports of the Czech central bank further boosting holdings, alongside the Chinese central bank's higher gold import quotas for commercial banks.
With central banks keeping up gold purchases, a continuation of the support seen throughout 2024, the precious metal's next leg higher is being supported by incremental purchases from the investment community, SP Angel analysts say in a note.
ETF holdings have climbed again to 89.1 million ounces from 88.7 million ounces on Monday, though this remains well below highs in 2020 and 2022, SP Angel says. As such, ETF demand has room to grow further.
Source: Dow Jones Newswires
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