Increased Chinese demand pushed gold futures to their top price in about 21 days on Monday as the yellowish metal took silver futures along for the upward ride, Bloomberg reports.
The Asian nation, which trails only India for consumption of bullion, purchased 54 percent more of the precious metal during the first half of this year as compared to the same period of 2012. Silver futures skyrocketed to their top value in about seven weeks.
"Physical demand, especially out of China, continues to support prices," president Michael Smith with T&K Futures & Options in Port St. Lucie, Florida, told the news source on Monday. "We are seeing bullish sentiment across the precious-metal market today."
At 11:45 a.m. on Monday, gold futures rose 1.92 percent, a $25.19 lift to $1,339.65 per troy ounce. Silver futures shot up 3.93 percent, an 81-cent climb to $21.36 per troy ounce.
Reuters reports Monday's gains for gold futures mark their fourth consecutive trading session of gains. The upward drive during morning trading pushed as high as 2.2 percent, marking its highest value since July 24.
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