Gold Jumps on Strong India, China Buying

by Christopher Freeburn | May 8, 2013 4:22 pm

Gold Silver GLD IAU SLV[1]Rising physical demand for gold in China and India sent the metal sharply higher in Wednesday trading. Hong Kong reported that gold imports to China doubled to a record high in March. A separate report indicated that India’s gold purchases in May would exceed 100 metric tons for a second consecutive month.

Gold futures for June delivery climbed 1.7% to $1,473.70 per ounce on Wednesday, according to CME Group[2]. Gold traded as high as $1,475.80 and as low as $1,446.70. Gold bullion closed in London at $1,475, according to BullionVault[3].

Silver futures for June delivery rose 0.5% to $23.91 per ounce. Wednesday’s high for silver was $24, while the low was $23.64.

Gold and silver funds advanced in Wednesday trading.

Gold and silver mining ETFs moved higher during the day.

Gold mining shares jumped on Wednesday.

Silver mining shares gained.

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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