Gold Rises to Six-Week High on Signs of Demand as Platinum Jumps

20/01/2014 07:48 AST

Gold rallied to the highest level in almost six weeks on signs of increasing demand as holdings in the biggest exchange-traded product expanded the most since 2011. Platinum climbed on prospects for strikes in South Africa.

Bullion for immediate delivery rose as much as 0.5 percent to $1,260.07 an ounce, the highest price since Dec. 11, and was at $1,257.81 at 9:11 a.m. in Singapore. Gold posted a fourth weekly climb on Jan. 17 in the longest rally since September as U.S. economic reports showed an uneven recovery. Platinum advanced as much as 0.5 percent to $1,461.75 an ounce, the highest level since Nov. 7, also extending four weeks of gains.

Assets in the SPDR Gold Trust rose 0.9 percent on Jan. 17, the biggest one-day increase since November 2011. In China, which probably overtook India as the largest user last year, volumes for the benchmark contract on the Shanghai Gold Exchange climbed a second day on Jan. 17. Gold has rebounded from a six-month low of $1,182.27 on Dec. 31, when it capped the biggest annual drop since 1981, on signs of stronger physical demand.

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