Sept. 5 (Bloomberg) -- Gold rose for a second day in Asia on expectation of rising demand from countries such as India. Silver also gained.
Gold has risen every September since 2000 as jewelers increase purchases of the metal before end of year holidays, the Indian wedding season and as investors in Europe and U.S. return to work after mid-year breaks.
``From September to December, you can always expect some demand from the physical side,'' Gerald Teo, assistant vice president at Ong First Tradition Pte, said in a phone interview from Singapore.
Gold for immediate delivery rose as much as $2.00, or 0.3 percent, to $628.50 an ounce. The precious metal traded at $628.20 at 10:36 a.m. Singapore time, extending yesterday's 0.2 percent gain.
Silver has risen for six straight days in Asia to $13.02 an ounce at 10:01 a.m. in Singapore. Investments in Barclays Plc's exchange-traded fund for silver rose more than six-fold to 3,121 tons as of Sept. 1, from 653 tons when it was listed on April 28.
``The strength in silver helped sentiment in other precious metals,'' Teo said.
Gold for December delivery rose as much as $3.90, or 0.6 percent, to $636.50 an ounce on the Comex division of the New York Mercantile Exchange. The contract traded at $636.10 at 10:34 a.m. Singapore time in after-hours trading.
A futures contract is an obligation to buy or sell a commodity at a set price for delivery by a specific date. |
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