Bullion futures have jumped 8.7 percent this month, set for the biggest monthly increase since January 2012. This month’s gain was driven by investors closing out bets on price drops and “opportunistic” buying from Asia, after the metal fell into a bear market in April, according to VTB Capital. Federal Reserve policy makers begin a two-day meeting tomorrow.
“There is some physical demand from the Far East” Peter Hug, the global trading director of Kitco Metals Inc., said in a report. “Traders and investors are looking ahead to the U.S. Federal Open Market Committee meeting that ends Wednesday for more guidance.”
Gold futures for December delivery rose 0.6 percent to settle at 1,329.60 an ounce at 1:44 p.m. on the Comex in New York. The precious metal gained 2.2 percent last week.
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