Gold heads for 11th annual gain on demand pickup speculation

Gold rebounded in London, extending an 11th annual gain, on speculation prices at a five-month low will spur demand from jewellers and investors.

Bullion fell 3.8% over the previous three days to the lowest level since July 6 as gains by the dollar against the euro curbed demand for the metal as an alternative investment.

Jewellery usage in India, the world's biggest buyer, rose 12% in 2011's first quarter from a year earlier, according to World Gold Council figures.

"January and February are usually good months in India, and a lower gold price might attract some buyers," said Marc Ground, a commodities strategist at Standard Bank in Johannesburg.

Read Full Article from Economic Times

- Posted: 2011-12-30 21:37:37

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