Gold Advances Most in Two Weeks on India, China Demand
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Gold futures posted the biggest gain in almost two weeks as demand for bars and jewelry increased in India and China, the world’s largest consumers of the metal.
Imports by China from Hong Kong more than doubled to an all-time high in March, Hong Kong government data showed yesterday. India’s purchases are set to top 100 metric tons in May for the second straight month, according to MMTC-PAMP India Pvt., a bullion refiner. Last month, gold had the biggest two-day drop in 33 years, slumping into a bear market. The metal has climbed 12 percent from a 26-month low on April 16.