Gold Gains on End of China Holiday

The end of the one-week holiday in China was a boon for gold prices today.

Spot gold was up 0.7 percent at $1,217.50 an ounce on October 8, while gold futures for December rose $5.60 an ounce at $1,218.00, according to Reuters.

In addition to Chinese buyers once again entering the market, gold prices were said to have risen thanks to falls in the stock market and a declining U.S. dollar.

“Precious metals are finding support from several corners today,” Ole Hansen, head of commodity research at Saxo Bank, told Reuters. “Stock markets are once again showing signs of weakness, while U.S. bond yields are moving lower once again.”