Tuesday, July 2, 2013

Gold Demand Climbs

Gold prices advanced the most in nine weeks as demand for coins, bars and jewelry rebounded following the record quarterly plunge. Platinum posted the biggest gain in a year.

In the second quarter, spot gold tumbled 23 percent, the most since at least 1920 after Federal Reserve Chairman Ben S. Bernanke said that the U.S. central bank may scale back debt purchase this this year. The premium for the metal in China rose to $36 an ounce, the highest since April, according to Tim Gardiner, a managing director at TD Securities Inc. in New York.