Asian Buying Picks Up
Gold-buying in Asia in particular rose after prices dropped to a 4-1/2 month low last week, with the trading volume on the Shanghai Gold Exchange's 99.99 gold physical contract hitting record levels on Monday.
The premium of Shanghai's 99.99 gold over spot prices was also increasing, traders said. The Hong Kong Census and Statistics Department said on Tuesday that Hong Kong exported 90.763 ton of gold to mainland China in November, up 91 percent on the month.
In addition, premiums on gold shipments to India jumped to their highest in two months on Tuesday.