Gold Rebounds From 34-Month Low on Physical Demand
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The spot price of gold rebounded from a 34-month low, jumping the most in a month, on signs of increased demand for jewelry, coins and bars after the metal headed for the biggest quarterly drop in at least 93 years.
“We did see physical buying come in a bit, and if that continues it will provide some support,” Marc Ground, a commodity strategist at Standard Bank Plc in Johannesburg, said in a telephone interview. Bullion for immediate delivery in London slid 23 percent this quarter, poised for the largest decline since 1920, when Bloomberg data starts. Standard Chartered Plc advised buying gold around $1,200 an ounce.