Gold price hits another record high on Chinese demand
Aug 20, 2024
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(Kitco News) - Gold prices are solidly up and hit another record high in early U.S. trading Tuesday. December Comex gold futures notched a record high of $2,564.60. Silver prices are also on the march higher and hit a four-week high overnight. Bullish charts and safe-haven demand, especially from China, are pushing the precious metals markets higher. December gold was last up $22.10 at $2,563.40. September silver was up $0.571 at $29.875.

Broker SP Angel said this morning in an email dispatch: “Chinese exporters and traders have been seen rushing to buy yuan and probably gold in anticipation of further U.S. dollar weakness. The metal has also been buoyed by Chinese buying after China’s central bank cracked down on local government bond buying. Troubles in the Chinese property sector have caused gold to become a preferred instrument for individual savings in China.”