Gold rises on fresh demand offsets tapering concern

Gold today climbed from a one-month low as signs of increased demand spurred traders to close bets on lower prices placed amid expectations the US Federal Reserve may soon begin to scale back stimulus.
Gold rose by 0.6 per cent to $1,275.20 an ounce and silver by 0.3 per cent to $20.79 an ounce after falling to its lowest level since October 15 yesterday.
In China, the second—largest consumer, volumes for cash gold of 99.99 per cent purity on the Shanghai Gold Exchange climbed to a one—month high of 14,888 kg on November 11, and were 12,681 kg yesterday.
The metal fell to $1,261.42 an ounce yesterday, the lowest since October 15, after Fed Bank of Atlanta President Dennis Lockhart said a paring of US bond purchases “could very well take place” next month.
Source: Hindu business line

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