Gold up for second day on bargain hunting, physical demand

Last Updated: Thu, Apr 03, 2014 04:54 hrs

Gold added on to sharp overnight gains on Thursday, consolidating after recent losses, on bargain hunting and signs of increasing physical demand in Asia.


nohup.out Spot gold rose 0.2 percent to $1,291.25 an ounce by 0029 GMT, after gaining 0.8 percent on Wednesday - the metal's biggest one-day jump in nearly three weeks.

nohup.out The metal gained despite strong economic data that showed U.S. companies stepped up hiring in March for a second straight month, offering fresh evidence the economy was regaining momentum after a weather-driven lull over the winter.

nohup.out Markets are now eyeing U.S. nonfarm payrolls data on Friday to gauge the strength of the recovery and the Federal Reserve's stimulus outlook.

nohup.out Chinese gold prices briefly rose to a premium on Wednesday before settling down on par with London prices. They had been at a discount since early March.

nohup.out Indian gold imports likely jumped in March from the previous month after the central bank allowed more private banks to ship the metal, the head of the country's biggest jewellery trade body said.

nohup.out Osisko Mining Corp said Yamana Gold Inc would buy a 50 percent stake in its mining and exploration assets for C$930 million, a deal that potentially thwarts a hostile bid from Goldcorp Inc (G.TO).

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nohup.out Asian shares nudged higher to four-month highs in early trade on Thursday as upbeat U.S. data underpinned risk appetite, leaving the safe-haven yen languishing at 10-week lows.

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