Gold rose to a two-week high today after its longest rally since last August in New York. A weak US jobs report last week raised questions over economic recovery, which could potentially slow the pace of the Federal Reserve’s stimulus tapering and indicate a possible slowdown in the world’s largest economy.
China probably overtook India as the largest user last year, according to the producer-funded World Gold Council, which highlighted the eastward shift in global demand as holdings in exchange-traded products contracted by a record.
An ounce of gold went up 0.8% to $1,273.10 on the Comex after reaching 1 276,20 dollars, its highest price since Jan. 27. While that’s down 34 percent from the record $1,921.15 in September 2011, it’s 5.6 percent higher this year. Silver was up 0.9% to $20.13/oz. Prices rose 4.6% last week, the biggest gain since mid-August.