Demand for gold in Asia is surging despite prices hovering near the record highs it hit in May, industry officials say, as buyers snap up the metal to hedge against geopolitical and economic uncertainty.

Gold prices retreat some 0.90% in the mid-North American session on Tuesday, amid a risk-off impulse and despite falling US Treasury bond yields.

May 28 - Gold prices gained on Tuesday, helped by a weaker dollar as investors look forward to U.S. inflation data due later this week for more clarity on interest rate cut timings.

May 23 - Gold fell to more than a week's low on Thursday, extending its decline for a third straight session, as investors grew apprehensive over U.S. rate cut timings and on strength in U.S. business activity.

Gold prices hit a record high in Asian trade on Monday as increased geopolitical tensions in the Middle East boosted safe haven demand, while a broader rally across metal markets also spilled over into the yellow metal.

Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September.

Gold prices holding $2,350 as U.S. PPI rises 0.5% in April.

Gold prices are seeing renewed upside momentum as more central banks show a willingness to lower interest rates, geopolitical tensions tick higher, and Chinese export data rebounds, according to Joaquin Monfort, European session editor at FXStreet.

Gold prices move lower as investors continue to debate the Fed’s next monetary policy move.

Gold prices stabilize as Fed signals pause in rate hikes.