Gold gains on China demand outlook

Gold rose in London alongside commodities from crude oil to copper after better-than-expected China trade data spurred optimism that demand for raw materials will remain robust. Data this week showed China’s net imports of gold rose to a seven-month high in November, while volumes traded on the Shanghai Gold Exchange jumped. Gold for immediate delivery rose 0.4 per cent to $1,664.23 an ounce by 11.35am in London. Gold for February delivery gained 0.5 per cent to $1,664 an ounce on the Comex in New York. Gold has retreated 0.7 per cent since the beginning of the year as the US Dollar Index, a gauge against six counterparts, climbed 0.7 per cent. Silver for immediate delivery rose 0.6 per cent to $30.55 an ounce. Holdings in exchange-traded products climbed to an all- time high of 19,043.07 metric tonnes on Wedneday. Platinum for immediate delivery gained 0.8 per cent to $1,610.40 an ounce. From: Khaleej Times