Gold climbs on strong physical demand

Source: Dukascopy Bank SA
Precious metals were mixed on Monday on speculation the Fed Chairman Ben Bernanke will support continuation of the growth-boosting measures at his testimony on Tuesday. Moreover, precious metals regained their safe-haven appeal amid uncertainty over Italian elections.

Gold jumped on signs of rising demand in China. Daily volumes for spot gold on the Shanghai Gold Exchange have more than doubled since Feb. 18 from the last year's average. Pushing the yellow metal higher, the latest data showed Kazakhstan and Russia increased their gold reserves in January for the fourth consecutive month.

Silver climbed, drawing strength from expectations of strong demand in China. Furthermore, signs of physical shortage lent support to the precious metal. At the same time, solid US Dollar capped gains in the grey metal.

Platinum and Palladium dropped as electoral uncertainty in Italy and recent data showing weakness of the global economy weighed on the industrial demand prospects. Limiting the negative progression, physical market remained in deficit after strikes in South Africa and a fall in Russia's sales.
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