Spot gold rises 1 pct on physical buying

Spot gold rises 1 pct on physical buying

SINGAPORE - Cash gold jumped 1 per cent to a session high of US$1,381.80 (S$1,703.76) an ounce on Wednesday as physical buyers rushed to buy bullion after the price plunged to its weakest since early 2011 in the previous session.

Physical dealers also noted a shortage in gold bars because of the demand, pushing up premiums for gold bars in Singapore and Hong Kong. Bullion has fallen about 17 per cent so far this year after an unbroken 12-year string of gains.

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