Gold Rises to Two-Week High on Physical Demand; Platinum Gains

by Glenys Sim and Debarati Roy, Bloomberg  |  published on January 3, 2014

Gold
Gold futures rose to a two-week high amid signs of increasing demand for bars and coins. Platinum climbed to the highest since November.

The premium to take immediate delivery of gold in China, the world’s biggest consumer, was $20 an ounce today, compared with last month’s average of $15.35. Istanbul Gold Exchange data yesterday showed Turkey’s imports increased 64 percent in December. On Dec. 31, futures in New York touched $1,181.40, the lowest since June.

“A lot of people are seeing the drop as an opportunity to accumulate gold,” Miguel Perez-Santalla, a vice president at New York-based BullionVault, an online service for buying physical metal, said in a telephone interview. “We are seeing some traders also increase positions.”

Gold futures for February delivery climbed 1.1 percent to settle at $1,238.60 at 1:45 p.m. on the Comex in New York. Earlier, the price reached $1,239.60, the highest for a most-active contract since Dec. 18. This week, the metal rose 2 percent, the most since Oct. 25.

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