Gold hits longest quarterly gain rise in 30 years

Thursday, 31 March 2011 03:47

Gold hits 1.429.97 in morning trading in the UK, this is the longest quarterly gain rise in 30 years. Gold for June delivery traded 1,431 on Comex in New York. Continual global unrest and ongoing issues in the Eurozone are giving the commodity solid support for the short term.

There were also reports that gold demand in China was skyrocketing.  Mineweb reported that China's English Language TV station said gold demand is extremely strong. The country consumed 579.5 tons, or 18.5 million ounces, in 2010, according to the World Gold Council, and there have been rumors that China's central bank has been buying recently.