Gold Futures Advance on China Demand Speculation, Weaker Dollar
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Gold rose for the first time in three sessions in New York on speculation that demand for jewelry, bars and coins may increase and as a weaker dollar boosted the appeal of the metal as an alternative investment.
Physical demand “will likely pick up after the recent price drop and ahead of the Chinese New Year” at the end of January, Dublin-based brokerage GoldCore Ltd. said today in a report. Gold touched $1,210.10 an ounce on Dec. 6, the lowest since July 5, amid concern that the Federal Reserve will curb stimulus as U.S. growth improves. The dollar fell as much as 0.2 percent against a basket of 10 major currencies.