Gold rises by 0.43% as China demand surges

Posted by: Religare
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Gold rises by 0.43% as China demand surges
Gold prices rose by 0.43 per cent on Monday at the domestic markets as a result of buying activity in China. The demand for gold in China, the second-biggest bullion buyer after India, has grown since prices touched a two-year low. Moreover, the recent data from China indicated that risks are rising and the economic growth will deteriorate further in the second quarter after unexpected weakness in May trade and domestic activity which in turn prompted investors to switch to gold holdings. Gold futures for August 2013 contract, at MCX, were trading at Rs. 27,699 per 10 grams, up by 0.43 per cent after opening at Rs. 27,617 against the previous closing price of Rs. 27,580. It touched the intra-day high of Rs. 27,784 till the trading. (At 11.38 AM today).

Sentiment improved further due to a pickup in physical demand for the precious metal in the domestic spot market. The precious metal has picked up in India, the biggest bullion consuming nation, due to the ongoing marriage season.

At the Commodity Exchange (COMEX), gold future for August 2013 delivery traded at US$1,385 per ounce, up by 0.14 per cent. It opened at US$1,383 against the previous closing price of US$1,383. It touched the intra-day high of US$1,387.7. (At 11.04 am IST).

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