Gold advances for 5th day

LONDON/SINGAPORE - Gold climbed for a fifth day in its longest rally this year as the biggest slump in three decades boosted physical purchases.

By Maria Kolesnikova And Glenys Sim (Bloomberg)

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Published: Tue 23 Apr 2013, 10:59 PM

Last updated: Sat 4 Apr 2015, 7:50 AM

The volume for the Shanghai Gold Exchange’s benchmark cash contract on Monday exceeded 43,000 kilogrammes (43 metric tonnes) for the first time, according to data on the bourse’s Web site. The US Mint has sold 167,500 ounces of gold coins so far in April, according to its website. That compares with 62,000 ounces sold in the whole of March, data compiled by Bloomberg show.

Gold for immediate delivery rose 1.3 per cent to $1,422.56 an ounce in morning London trading. A fifth day of gains would be the longest run since December 27. Bullion for June delivery rose 1.9 per cent to $1,422 an ounce on the Comex, gaining for a third day.

Futures volume on the Comex was 83 per cent higher than the 100-day average for this time of the day and silver volumes were 137 per cent higher, data compiled by Bloomberg show. Bullion is 8.9 per cent below the $1,561.45 close on April 11, before a two-day, 14 per cent drop through April 15.

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