Gold News & Info

Source: Marketwatch

New York— Gold extended its gains to settle higher for a seventh straight day on Thursday as physical buying on China's decision to expand its market for the metal and weak U.S. jobs data made it an attractive safe haven. Gold for December delivery, the most actively traded contract, settled up $3.40, or 0.3%, at $1,199.30 an ounce. Earlier the metal touched an intraday high of $1,202.80 an ounce and an intraday low of $1,192. The metal's price has risen about 3.2% over the past seven trading days.

Boosting demand for the metal early in the week, China announced Tuesday that it will allow more commercial banks to import and export gold as well as to participate in trading at the Shanghai Gold Exchange in order to broaden its gold market. Physical demand also rose in anticipation of India's wedding season, starting later this month, as jewelers are expected to snap up the metal at bargain prices ahead of the festivities. See full story.