Gold News

Gold gained for a fourth day in Asia, poised for its longest winning streak since December, on speculation that China may purchase more of the precious metal after increasing holdings 76 percent since 2003.

Gold to rise as investor’s hedge against economic woes and China rumored to buy

China may purchase more of the precious metal after increasing holdings 76 percent since 2003

Gold gained for a fourth day in Asia, poised for its longest winning streak since December, on speculation that China may purchase more of the precious metal after increasing holdings 76 percent since 2003. China’s reserves stood at 1,054 metric tons, Hu Xiaolian, head of the State Administration of Foreign Exchange, said April 24. That makes the country the world’s seventh-largest holder behind the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, which stood unchanged at 1,104.45 tons. Gold is trading at $915 as of 9:20am, London Time. Gold’s Pool-Position is 57% Long, meaning that just over half of Finotec traders are buying the precious metal.