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BookmarkGold futures rose in New York amid signs of increased demand for bars, jewelry and coins inChina, the world’s second-biggest buyer.
China’s net imports from Hong Kong climbed to the second-highest level on record in October. On Nov. 25, futures touched a four-month low on speculation that the Federal Reserve will scale back monetary stimulus amid signs of an improving U.S. economy.
“Physical demand is supporting gold,” Dean Popplewell, a currency analyst at Toronto-based Oanda Corp., said in a telephone interview.
Gold futures for February delivery rose 1 percent to settle at $1,250.40 an ounce at 12:42 p.m. on the Comex in New York. On Nov. 25, the price touched $1,226.40, the lowest since July 8.
This month, gold slumped 5.5 percent, the most since June and the biggest drop in November since 1978. India is the biggest consumer.
“Physical demand is solid, but not bullish enough to spark significant short-covering,” Victor Thianpiriya, an analyst at Australia & New Zealand Banking Group Ltd. in Singapore, said in a report. “Market sentiment remains less than encouraging.”
This year, gold has dropped 25 percent, heading for the first annual drop since 2000. Some investors lost faith in the metal as a store of value amid a rally in U.S. equities to a record and muted inflation.
Silver futures for March delivery gained 1.8 percent to $20.033 an ounce on the Comex. The metal rose 0.7 percent this week, ending a four-week slump. In November, the price tumbled 8.4 percent, the most since June.
On the New York Mercantile Exchange, platinum futures for January delivery climbed 1.2 percent to $1,368.80 an ounce. The price, down 5.5 percent this month, has declined 11 percent in 2013.
Palladium futures for March delivery rose 0.5 percent to $719.65 an ounce. The price fell 2.3 percent this month.
Floor trading in New York was closed yesterday for the U.S. Thanksgiving holiday.
