Tags: Gold Rises on Signs of Improved Demand in China

Gold Rises on Signs of Improved Demand in China

Monday, 05 Nov 2012 03:58 PM

Gold futures in New York gained the most in a week as demand climbed in China, the world’s largest buyer after India.

China’s imports of gold from Hong Kong in September climbed 30 percent from August and were 23 percent more than a year earlier, data from the Census and Statistics Department of the Hong Kong government showed Monday. The price fell 3.1 percent last month, the first decline since May.

“Physical demand is improving,” Walter de Wet, the head of commodities research at Standard Bank Plc, said in a report e-mailed Monday.

Gold futures for December delivery rose 0.5 percent to settle at $1,683.20 an ounce at 1:39 p.m. on the Comex in New York, the biggest gain for a most-active contract since Oct. 25. Earlier, prices fell to $1,672.50, the lowest since Aug. 31.

Holdings in exchange-traded funds backed by bullion totaled a record 2,589.516 metric tons on Nov. 2, data compiled by Bloomberg show.

Silver futures for December delivery advanced 0.9 percent to $31.128 an ounce in New York.

On the New York Mercantile Exchange, platinum futures for January delivery slid 0.1 percent to close at $1,542.70 an ounce, declining for the third straight session. Palladium futures for December delivery advanced 0.6 percent to $603 an ounce.

© Copyright 2017 Bloomberg News. All rights reserved.

 
1Like our page
2Share
Markets
Gold futures in New York gained the most in a week as demand climbed in China, the world's largest buyer after India.
Gold Rises on Signs of Improved Demand in China
210
2012-58-05
Monday, 05 Nov 2012 03:58 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved