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Gold rises on physical demand


10:06, April 25, 2013

CHICAGO, April 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday on physical demand.

The most active gold contract for June delivery rose 14.9 dollars, or 1.06 percent, to settle at 1,423.7 dollars per ounce.

Strong demand for physical gold worldwide, especially from Asia, continued to prop up gold market, market analysts say.

The U.S. Mint this week stopped sale of the smallest- denomination gold bullion coins as demand reduced the inventories, saying the demand for the one-tenth-ounce coins went up more than 118 percent compared with the same period a year ago. Short supplies of gold bars and coins are also reported in some other countries.

Disappointing economic data released Wednesday also supported gold. The U.S. Commerce Department reported that orders for durable goods fell by a seasonally adjusted 5.7 percent in March, the biggest drop since last August.

Silver for May delivery climbed 1.6 cents, or 0.07 percent, to close at 22.833 dollars per ounce. Platinum for July delivery gained 13 dollars, or 0.92 percent, to close at 1,430.8 dollars per ounce.

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