Gold futures were falling, but they remained close to record highs.
Futures were down 0.5% at $2,916.70 a troy ounce after climbing as high as $2,968.50 in the prior session.
There are several key drivers behind gold’s all-time high, Metals Focus’s Neil Meader said.
Many central banks are buying the precious metal to reduce reliance on the dollar, boosting gold’s appeal to institutional investors who want to diversify beyond U.S. equities, the consultancy’s director of gold and silver said.
Gold’s rise also reflects uncertainty about U.S. President Trump’s plans, particularly tariffs, Meader said. This already created a major dislocation between the main futures market, Comex in New York, and the main physical market in London.
The market still seems bullish and further gains can’t be ruled out near term, though Metals Focus is wary of medium-term sustainability.
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