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Gold today rose to a two—week high, rebounding from the worst year in three decades, as a drop to a six—month low was seen spurring physical purchases and prompting some investors to reverse bearish bets.
Gold rose 1.5 per cent to $1,219.51. Prices reached $1,229.95, the highest since December 18. Silver also climbed 2.8 per cent to $19.95 an ounce, after touching $18.82 on December 31, the lowest since July, and slid 36 per cent last year for the biggest loss since 1981.
Bullion slid 28 per cent last year, the most since 1981, and reached $1,182.27 an ounce on December 31, the lowest since a 34— month low set in June.
The premium to take immediate delivery in China was at $23 an ounce today, compared with an average of $16.21 in December and $18.72 dollar for all of last year.
Gold ended a 12—year bull run and assets in bullion—backed exchange—traded products shrank for the first time since the first fund was introduced in 2003 as investors lost faith in the metal as a store of value.
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