Gold rose in in New York alongside commodities from crude oil to copper after better-than-expected China trade data spurred optimism that demand for raw materials will remain robust.
The Standard & Poor’s GSCI Index of 24 raw materials rose to the highest level in more than two months after China’s exports jumped 14.1 percent last month, almost triple the 5 percent gain predicted in a Bloomberg News survey. Data this week showed China’s net imports of gold rose to a seven-month high in November, while volumes traded on the Shanghai Gold Exchange jumped.
“Gold is trading a little higher along with the rest of the commodities complex,” said Bjarne Schieldrop, the Oslo- based head of commodity research at SEB AB. “Of course gold does get an impact from stronger Chinese data fueling expectations for higher jewelry demand.”
Gold for February delivery gained 0.5 percent to $1,663.50 an ounce by 7:40 a.m. on the Comex in New York. Gold for immediate delivery rose 0.4 percent to $1,664.08 an ounce in London.
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