Gold rallied to the highest level since November as investors assessed further cuts to U.S. stimulus and Chinese buyers increased purchases to extend last year’s record consumption. Silver, platinum and palladium rose.
Bullion for immediate delivery gained as much as 1 percent to $1,287.81 an ounce, the highest price since Nov. 18, and was at $1,283.85 by 3:01 p.m. in Singapore. A fifth day of advance would be the longest such run since August, when bullion gained 5.3 percent. Silver added 0.2 percent to $20.1175 an ounce, climbing for an eighth day in the longest rally since August.
Janet Yellen will today deliver her first testimony to Congress since being sworn in as Federal Reserve chairman after U.S. jobs growth data missed estimates last week. Volumes for Shanghai’s spot contract surged to a nine-month high after a report yesterday that showed China’s demand rose 41 percent in 2013. Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, were unchanged for a fourth day after the first back-to-back weekly increase since August.
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