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BookmarkGold prices climbed in New York on signs that demand is rebounding among consumers and investors.
Gold retail sales tripled across China from April 15 to April 16, the China Gold Association said. In India, demand climbed to the highest this year, according to the All India Gems & Jewellery Trade Federation. The nations are the world’s top bullion buyers. Prices also gained as manufacturing in the Philadelphia region expanded in April at a slower pace than projected. The metal has slumped 17 percent this year as improving global growth cut demand for haven assets.
Gold for immediate delivery fell as much as 2.8 percent to $1,337.86 an ounce, and was at $1,350.55 at 9:13 a.m. in Singapore. Silver for immediate delivery fell as much as 3.6 percent to $22.495 an ounce and was at $22.58. Photographer: Simon Dawson/Bloomberg
“Physical demand continues to remain strong,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates, said in a telephone interview. “Some investors are buying gold as economic numbers have been a disappointment.”
Gold futures for June delivery rose 0.3 percent to $1,387.10 an ounce at 10:23 a.m. on the Comex in New York. The precious metal reached $1,321.50 on April 16, the lowest since January 2011.
Trading was 67 percent higher than the average for the past 100 days for this time of day, according to data compiled by Bloomberg.
The U.S. Federal Reserve, which buys $85 billion of securities a month to support economic recovery, said in its Beige Book business survey yesterday that the U.S. expansion remained moderate. European car sales are heading to a 20-year low.
