Tuesday, July 9th 11:08 AM IST

Gold climbs past $1250 in Asia

# gold  # comex  # nymex  # debt crisis  

Spot gold was seen trading at $1250.91 an ounce at 12.00 noon Singapore time while US gold was seen at $1249.42 an ounce on the comex division of nymex.

SINGAPORE(BullionStreet): Gold climbed past $1250 in Asian trade Tuesday, supported by a positive Chinese inflation data.

Spot gold was seen trading at $1250.91 an ounce at 12.00 noon Singapore time while US gold was seen at $1249.42 an ounce on the comex division of nymex.

Analysts said the precious yellow metal is likely to extend gains during the day on continued bargain hunting and also on a strong dollar.

Chinese inflation data boosted gold's appeal as a hedge against rising prices in the world's second-biggest buyer of the metal.

The data showed that China's annual consumer inflation accelerated more than expected in June as food costs soared.

On Monday, gold futures climbed almost 2% to recoup part of their steep loss late last week.

August gold added $22.20, or 1.8% to settle at $1,234.90 on the Comex division of the New York Mercantile Exchange.

Prices had dropped 3.1% on Friday as better-than-expected U.S. jobs data fed prospects for a pullback in the Federal Reserve's bond-buying program, also known as quantitative easing, which has been beneficial to gold.

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