Gold supported by Asian physical buying

[miningmx.com] – GOLD moved to its highest level in three weeks as Asian investors took advantage of the metal’s weakness over the year-end period after the US said it would implement a level of tapering, said Bloomberg News.

Bullion for immediate delivery gained and lost at least 0.3%, before trading $5.06 higher at $1,243.13/oz in Singapore. Prices climbed to $1,248.51/oz – the highest since December 16.

“The Chinese will certainly be looking at taking advantage of these lower prices,’ Gavin Wendt, founder and senior resource analyst at Sydney-based Mine Life, told Bloomberg News. “Institutional funds might have one view on gold which is negative but, on the other hand, it seems as though the moms and dads and smaller investors have been buying,’ he said.

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