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.
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