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Gold Rallies to $1212 as China Returns From Break

Gold rose as the drop to this year’s low lured Chinese buyers returning from a weeklong break, while investors awaited minutes of the Federal Reserve’s last meeting. Platinum extended a rally from a five-year low.

Bullion for immediate delivery climbed as much as 0.5 percent to $1,214.54 an ounce, and traded at $1,213.31 by 10:53 a.m. in Singapore, according to Bloomberg generic pricing. The metal dropped on Oct. 6 to $1,183.24, the lowest since Dec. 31. Platinum advanced for a third day as Russia and South Africa prepared to meet to discuss ways to buoy prices.

Gold is being supported as markets in China opened after being shut from Oct. 1-7, according to Victor Thianpiriya, an analyst at Australia & New Zealand Banking Group Ltd. Demand in India is set to pick up before the Diwali festival on Oct. 23, according to Mark Keenan, head of Asia commodities research at Societe Generale SA. China overtook India as the largest consumer last year.

Bloomberg [1]

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