Wednesday saw gold futures advance for a second-straight day amid reports noting healthy Chinese demand as the nation prepares for the Lunar New Year, according to published reports.
The yellowish metal touched its top price in one month when it rose 0.4 percent to $1,639.10 per troy ounce, Reuters reports. Bullion's advances thus far this year are roughly 5 percent, a marked difference from the precious metal's poor performance last month.
"Signs that China is importing a lot of gold are bullish for the market, primarily because this metal can't leave the country – it is not permissible to export gold," said UBS according to Reuters. "And there is little doubt that volumes have increased dramatically."
At 10:22 a.m. on Wednesday, gold futures climbed 0.5 percent, an $8.10 lift to $1,639.60 per troy ounce.
November saw the Chinese mainland acquire 102,779 kilograms of the precious metal from Hong Kong, exceeding the 82,299 it purchased during the month prior, according to Bloomberg, which cited data from the Census and Statistics Department of Hong Kong as China does not disclose data germane to gold commerce.
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