Gold Eases from One Week High as Traders Book Profits

Central Bank Buying

Data released today confirmed that China's central bank extended its gold buying spree for a fifteenth consecutive month. This relentless official-sector demand is providing a high floor for prices, discouraging aggressive short-selling even as the dollar steadies.

Geopolitical Floor

While prices eased, tensions in the Middle East—specifically new US warnings to vessels near Iranian waters—kept safe-haven bids active below the $5,000 level.