Last Updated :
27 April 2009 at 10:55 IST
Gold rises on China speculation
Commodity Online
SINGAPORE : Bullion prices continued to trade on the positive side day’s after China announced an increase in its gold reserves.
Gold for May delivery was seen trading at $916.58 an ounce at 11.00 a.m Singapore time while silver gained to more than $13 an ounce at $13.16 at the same time.
The yellow metal rose to the highest in more than four weeks on speculation that China may buy more after increasing holdings 76 percent since 2003.
Earlier, China said its gold reserves stood at 1054 metric tons, that’s makes China the world’s seventh-largest holder, behind the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, which stood unchanged at 1104.45 tons.
Among other precious metals for immediate delivery, platinum gained 0.4% to $1184 an ounce and palladium was little changed at $234.25 an ounce.
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