Gold Rallies up to $1244 on Physical Demand

Gold increased after the biggest loss in more than two weeks as the festival and wedding season in India, the world’s biggest consumer after China, spurred purchases. Silver and platinum gained.

Bullion for immediate delivery added 0.1 percent to $1,242.66 an ounce at 9:39 a.m. in Singapore, according to Bloomberg generic pricing. Prices dropped 0.6 percent yesterday, the biggest decrease since Oct. 3.

Gold advanced 2.9 percent this month as equities fell after the International Monetary Fund cut its growth outlook and Federal Reserve policy makers said slowing foreign economies were a risk to U.S. expansion. Speculators added bullish gold bets for the first time in nine weeks in the week ended Oct. 14, U.S. Commodity Futures Trading Commission data show. Buying in India was strong this week, UBS AG said in a report yesterday.

Bloomberg

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