Bloomberg News

Gold Rises Most in Week on Signs of Improved China Demand

November 05, 2012

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 today. 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 today.

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.

To contact the reporters on this story: Debarati Roy in New York at droy5@bloomberg.net; Maria Kolesnikova in London at mkolesnikova@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net


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