The yellowish metal marked a second consecutive trading session of gains after having dropped 28 percent in 2013. That closed bullion's annual gains streak at 12 years. But the steep losses prompted increased Chinese demand for jewelry, bars and coins, which rose 30 percent to amount to more than 996 metric tons during the 12-month period through September.
"Gold is part of the Asian mindset that it's a way to store your wealth," chief strategist Ed Moy with Morgan Gold in Irvine, California told Bloomberg on Friday. "Given the extremely strong demand from Asia, that should put some upward pressure on gold in the long term."
At 9:30 a.m. on Friday, gold futures rose 0.47 percent, a $5.81 lift to $1,230.431 per troy ounce.
Reuters reports gold futures' climb on the final trading session of the week pushed as high as 1 percent, prompting the precious metal to surge to its top value in about 14 days.
The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.
Trading swaps and over-the-counter derivatives, exchange-traded derivatives and options and securities involves substantial risk and is not suitable for all investors. The information herein is not a recommendation to trade nor investment research or an offer to buy or sell any derivative or security. It does not take into account your particular investment objectives, financial situation or needs and does not create a binding obligation on any of the StoneX group of companies to enter into any transaction with you. You are advised to perform an independent investigation of any transaction to determine whether any transaction is suitable for you. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc.