Gold Prices Hit High of $1,340.10 an Ounce

Gold prices rose Aug. 12 due to the world’s biggest gold exchange-traded fund increasing for the first time in two months. Holdings in the SPDR Gold Trust (NYSEARCA:GLD) reached 911.13 tonnes, a rise of about 0.2 percent, Reuters reported. This pushed gold prices up.

Later, gold futures for December delivery were at $1,340.10 an ounce – a rise of $27.90 from the previous session, MarketWatch reported. Stronger than expected industrial-production data from China also pushed gold futures up today.

“The higher-than-expected import growth indicates a Chinese domestic-demand recovery, which will bode well for gold demand,” said Sharps Pixley Director Austin Kiddle, according to MarketWatch. “The stronger-than-expected [Purchasing Managers’ Index] data from the U.S. and Europe will likely support Chinese trade data going forward.”