Gold Futures Hit New Record on Central Bank Buying, Safe-Haven Demand

Gold futures have set another record high, with the rally driven by central bank purchases, safe-haven demand and geopolitical tensions.

June futures on the New York Mercantile Exchange were recently up 1.7% at $2,413.5 a troy ounce, having hit a fresh all-time high of $2,416.5 earlier in the session. They have gained 4.6% over the last week and over 14% in the year to date.

Strong purchasing by central banks and sustained demand from individual investors—particularly in China and India—continue to provide solid support for gold, attracting speculative investors and maintaining high prices, Sucden Financial analysts said in a note.