by Mike Maharrey, Gold Seek:
Strong Chinese gold demand will continue to support the gold market according to a recent research report by Metals Focus.
Gold recently hit record highs over $2,400, but there has been some profit-taking and consolidation this week. Cooling geopolitical tensions in the Middle East have dampened safe haven buying. Meanwhile, recent hawkish open-mouth operations by the Federal Reserve officials have also created headwinds for gold. The gold price tumbled 2.7 percent on Monday (April 23), the worst single-day decline in almost two years.