Gold advanced to the highest level in eight weeks, gaining alongside equities and other commodities, as global manufacturing improved, weakening the dollar and boosting demand for alternative investments.

Spot gold rallied as much as 0.5 percent to $1,751.97 an ounce, the most expensive since Dec. 8, and traded at $1,750.15 at 9:32 a.m. in Singapore. Gold holdings in exchange-traded products rose 0.2 percent yesterday to 2,376.205 metric tons, the highest level since Dec. 16 and within 0.7 percent of the Dec. 13 record, according to data tracked by Bloomberg.

“Commodities advanced, fueled by favorable purchasing managers’ data in China, Europe and the U.S.,” Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd., wrote in a note. Gold was “cheered on by economic data results and a firmer euro” against the dollar, he said.

Manufacturing grew from the U.S. to India and China, fueling optimism the global recovery is weathering the debt crisis in Europe and driving a rebound in stocks and commodities including copper and oil. India and China are the world’s largest bullion consumers.

Bullion for April delivery gained 0.2 percent to $1,753 an ounce on the Comex in New York. Spot gold’s so-called 14-day relative-strength index was at 72.15 today, above the level of 70 that may indicate an imminent retreat in prices.

China Gold

Immediate-delivery gold of 99.99 percent purity, on the Shanghai Gold Exchange, China’s largest physical gold market, reached 355.49 yuan a gram ($1,750.46 an ounce) yesterday, the highest price since Dec. 9. Volumes for the benchmark cash contract totaled 2,640.20 kilograms (88,884 ounces) yesterday, down from 5,636 kilograms on Jan. 31.

The dollar was 0.5 percent from a seven-week low against the euro before data today that economists said will show fewer Americans filed for jobless benefits. The U.S. currency yesterday dropped for the first time in three days against a basket of six major counterparts as the MSCI All-Country World Index of stocks climbed to a six-month high.

Silver for immediate delivery rose for a second day, gaining as much as 0.7 percent to $33.9225 an ounce, before trading at $33.88. Cash platinum climbed as much as 0.4 percent to $1,624.50 an ounce, and traded at $1,622.50. Spot palladium gained for a second day, advancing 0.4 percent to $699 an ounce.

To contact the reporter for this story: Glenys Sim at gsim4@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

• Wall Street all in on further gains for gold, Main Street grows more bullish for next week’s price action   (2024-10-19 10:12:59)
• Gold shines as ultimate safe-haven asset, set to hit $3,000/oz by 2025 – Bank of America   (2024-10-19 10:07:32)
• Gold and silver to rally through the end of 2024, copper likely to lag – Prosper’s Scott Bauer   (2024-08-15 06:23:01)
• Wall Street experts see gold gaining on renewed recession fears, Main Street bullishness not far behind   (2024-08-04 16:15:53)
• Phố Wall chứng kiến ​​đà tăng giá vàng mới vào tuần tới, tâm lý lạc quan của Phố Main tăng lên   (2024-07-27 17:29:24)
• Wall Street sees renewed momentum for gold prices next week, Main Street’s bullish sentiment increases   (2024-07-27 17:26:59)
• Wall Street is balanced and cautious on gold next week, Main Street remains optimistic about price gains   (2024-07-20 08:49:41)
• September rate cut and Trump policies are boosting gold demand – FX Empire’s Ali   (2024-07-19 05:12:10)
• Gold price will average $2,500 per ounce in Q4 2024 as bull case remains intact despite sharp gains – JPMorgan   (2024-07-18 11:18:51)
• Wall Street sees green lights for gold next week; Main Street jumps back on the bullish bandwagon   (2024-07-06 04:25:55)