Gold and Platinum Rise On Higher Demand

Gold fluctuated after advancing to a one-month high as investors assessed the impact of the rally on demand. Platinum climbed to the highest level in two months on concern that miners in South Africa may strike over wages.

Bullion for immediate delivery rose and fell 0.3 percent, before trading 0.1 percent lower at $1,251.57 an ounce by 9:45 a.m. in Singapore. Prices earlier climbed to $1,257, the highest since Dec. 12, and a fourth day of gains would be the longest rally since October. Platinum was little changed after increasing to $1,446.75, the highest level since Nov. 15.

Gold has rebounded from a six-month low of $1,182.27 on Dec. 31, when it capped the largest annual decline since 1981, on signs of strengthening demand in China. The country probably overtook India as the largest user last year. Volumes for the benchmark contract on the Shanghai Gold Exchange fell to 14,630 kilograms yesterday, compared with an eight-month high of 24,875 kilograms a week ago.

via Bloomberg

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