Gold Rises on Increasing Chinese Demand

by Christopher Freeburn | January 8, 2013 5:13 pm

Gold Silver GLD IAU SLV[1]A report of sharp gains in Monday gold trading on the Shanghai Gold Exchange helped send the metal up modestly in U.S. trading on Tuesday. Chinese demand for gold usually rises in late January in advance of the Chinese New Year.

Gold futures for February delivery ended at $1,659.10 on Tuesday, according to CME Group[2]. Gold traded as high as $1,662.70 and as low as $1,646.80. Gold bullion closed in London at $1,663, according to BullionVault[3].

Silver futures for February delivery ended $30.38 per ounce. Tuesday’s high for silver was $30.47, while the low was $30.08.

Gold and silver funds moved higher in Tuesday trading.

Gold and silver mining ETFs also increased during the day.

Gold mining shares moved up, with Goldcorp (NYSE:GG[10]) rising the highest.

Silver mining shares were mixed on Tuesday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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  23. BullionVault:

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