Posted AT 9:37 PM EDT on 28/12/05
Gold jumps on talk of China buying
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Gold traded as high as $520.20 on the New York Mercantile Exchange, the highest in two weeks, before closing at $516.30, up $6.20.
The jump was prompted, in part, by a suggestion that China should increase its gold holdings from 600 tonnes to 2,500 tonnes in the short term and up to 3,000 tonnes in the long term. The comment came from Teng Tai, an economist at Beijing-based China Galaxy Securities Co.
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