Gold Price IN Kingdom Of Saudi Arabia today down to
22 Ct 140.00 SAR
in Malabar Gold & Diamonds
Gold climbed in early-morning London trading, with fresh impetus provided by the return of the Chinese market after the Lunar New Year holiday.
The spot gold price was last at $1,208.20/1,209.00 per ounce, up $4.60 on Monday’s close but down from a session high of $1,212.00 during peak Asian hours. Silver followed the metal higher to $16.50/16.55, up 13 cents.
“Overnight, the Chinese returned from their New Year celebrations and what a difference it made,” Marex Spectron’s David Govett said.
The Chinese market was widely considered to be the primary catalyst behind gold’s gain of almost near 10 percent in January, with Chinese wholesalers buying up large volumes ahead of the holiday.
Withdrawals from the Shanghai Gold Exchange – a useful barometer for demand – surged to 255 tonnes in January, around 10 tonnes higher than the January 2014 total.