Gold hits 2-week high as rate cut seen spurring Chinese buying

Gold rose to its highest level in nearly two weeks on Monday, backed by firm Chinese demand after a weekend interest rate cut in China aimed at shoring up the economy, which some analysts said could also benefit bullion.



Gold bounced back from a seven-week low last week following the return of Chinese buyers from the Feb. 18-24 Lunar New Year break. The price has since found support above $1,200. Premiums for physical gold at the Shanghai Gold Exchange stayed firm at around $4-$5 an ounce over the global spot benchmark on Monday.



US gold for April delivery gained 0.7 per cent to $1,221.90 an ounce.



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Posted in: Indian Market Tips