Latest News:  

English>>Business

Gold rises on strong demand from Asia

(Xinhua)

08:12, May 09, 2013

CHICAGO, May 8 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday to the highest level since April 12 on strong demand from Asia.

The most active gold contract for June delivery gained 24.9 dollars, or 1.72 percent, to settle at 1,473.7 dollars per ounce.

Demand for physical gold from Asia, China in particular, remains strong. On Shanghai Gold Exchange, more than 20 tonnes of spot gold contracts for gold of 99.99 percent purity were traded in the last two days. Back on Feb. 18, the first trading day after the traditional Chinese Lunar New Year holiday, the exchange saw 22 tonnes of gold traded. Actually, the Chinese mainland's imports of the precious metal from Hong Kong SAR has surged to 223.52 tonnes in March from 97.11 tonnes in February

China's swinging back to trade surplus also boosted gold. China reported a trade surplus of 18.16 billion dollars in April, after reporting an 884-million-dollar deficit in March. Dollar's going weak against major currencies further lent support to gold.

Market analysts hold that gold prices would be range-bound in near future.

Silver for May delivery rose 12.1 cents, or 0.51 percent, to close at 23.927 dollars per ounce. Platinum for July delivery climbed 23.7 dollars, or 1.6 percent, to close at 1,504.9 dollars per ounce.

We Recommend:

Top 10 biggest Chinese companies 2013

Housewives' gold rush keeps price from falling

Models pose for Fuzhou Auto Fair

Antique auto show kicks off in New York

China's CAS to buy 60 Airbus planes

2013 Tianjin auto show kicks off

Email|Print|Comments(Editor:ChenLidan、Ye Xin)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. 11th Int'l Defence Industry Fair opens

  2. CTF 151 commander visits "Harbin" destroyer

  3. Top DPRK leader inspects projects

  4. Little boy walking on his hands

  5. Public hearing to discuss taxi fare increase

  6. Police destroy counterfeit red wines

  7. Women's underwear rugby

  8. Precious cultural heritage in Fuzhou

  9. HOFEX 2013 kicks off in Hong Kong

  10. Sweet 'lovers hotel' making good profit

Most Popular

Opinions

  1. Chance for dual face-to-face talks slim
  2. China's regional disparity offers growth potential
  3. US war on terror bent by strategy
  4. China's rating not jeopardized by slower growth
  5. Innovation: The engine for development
  6. Rising wages reach a milestone
  7. Japanese PM Abe unable to read situation
  8. North Korea testing limits of tolerance
  9. China's multifaceted financial diplomacy benefits all
  10. H7N9 won't affect China’s economy significantly

What’s happening in China

Young tenants' Beijing dream

  1. Pudong apartment hit by mysterious gunshots
  2. World Smile Day observed in China
  3. 80-year-old H7N9 patient makes full recovery
  4. Old lady in court for growing poppies
  5. Bear attacks monkey in circus show accident