Spot gold gained as much as 0.4 percent to $1,657.05 an ounce, and traded at $1,655.15 at 9:54 a.m. in Singapore. Gold jewelers in India will reopen shops today after the shutdown, potentially spurring demand, according to Commonwealth Bank of Australia analyst Lachlan Shaw.

China lowered reserve requirements for 379 branches of Agricultural Bank of China Ltd., the nation’s third-biggest lender by market value, expanding a trial that had cut requirements for 563 branches. The move will free up a total of 23 billion yuan ($3.6 billion), the central bank said yesterday.

“News of increased liquidity in China always cheers the market,” said Tao Jinfeng, chief investment consultant at Haitong Futures Co. “While gold is being helped higher by the stock market, the near-term bias continues to lean towards lower prices as economic data improves.”

Japan reported an unexpected trade surplus for February and higher-than-forecast exports, while sales of previously owned U.S. houses held in February near an almost two-year high, adding to evidence of a rebound in the global economy.

The April-delivery contract rose as much as 0.4 percent to $1,656.60 an ounce on the Comex, before trading at $1,654.20. Holdings in exchange-traded products were unchanged at 2,402.034 metric tons yesterday, according to data compiled by Bloomberg. That’s the least since Feb. 28.

Spot platinum, this year’s best-performing precious metal, dropped as much as 0.4 percent to $1,632.75 an ounce, and traded at $1,636.75. Prices dropped below gold for a second day, with 1 ounce of platinum buying as little as 0.9885 ounce of bullion, the least since March 12, according to data tracked by Bloomberg.

Cash silver climbed as much as 0.7 percent to $32.365 an ounce, and last traded at $32.355. Palladium rose as much as 0.3 percent to $688 an ounce, and was at $687.75.

To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net

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

http://www.bloomberg.com/news/2012-03-22/gold-advances-on-china-s-rural-liquidity-boost-indian-demand.html

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