Gold
futures climbed the most in more than three weeks as buyers returned
from holidays in China, the world™s biggest consumer after India.
Volumes
for the Shanghai Gold Exchange™s benchmark spot contract gained for the
second straight day. Markets in China were shuttered in the five
sessions through Feb. 24 for the Lunar New Year holiday. The country™s
gold imports from Hong Kong rose in January from the previous month as
jewelry demand increased, data showed Thursday.
Futures
rose for a second straight session. On Wednesday, Federal Reserve Chair
Janet Yellen concluded testimony before Congress and reiterated that
the central bank™s timetable for raising interest rates is flexible.
Higher rates curb gold™s appeal because the metal generally offers
returns only through price gains.
Gold
futures for April delivery rose 0.7 percent to settle at $1,210.10 an
ounce at 1:47 p.m. on the Comex in New York, the biggest increase since
Jan. 30.
China™s
net gold imports from Hong Kong totaled 71.6 metric tons in January, up
from 58.8 tons in December, according to data compiled by Bloomberg
from figures released Thursday by the Hong Kong Census and Statistics
Department.
Source: Bloomberg
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