Spot gold rallied as much as 0.5 percent to $1,751.97 an ounce, the most expensive since Dec. 8, and traded at $1,746.30 at 1:20 p.m. inSingapore. 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 about 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 was little changed at $1,748.80 an ounce on the Comex in New York. Spot gold’s so-called 14-day relative-strength index was at 71.43 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 355.84 yuan a gram ($1,756.03 an ounce), 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 weakened against most of its 16 counterparts before data that economists said will show fewer Americans filed for jobless benefits. The U.S. currency was little changed against abasket of six major trading partners as the MSCI All- Country World Index of stocks climbed to a six-month high.

Silver for immediate delivery traded little changed at $33.66 an ounce, after gaining 0.7 percent earlier. Cash platinum climbed as much as 0.4 percent to $1,624.50 an ounce, and traded at $1,620 an ounce. Spot palladium was little changed at $696 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

http://www.bloomberg.com/news/2012-02-02/gold-advances-to-highest-in-eight-weeks-as-global-manufacturing-improves.html

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