Gold, industrial precious metals rise on China hopes

Strong trade data from China has spurred hopes of higher demand for precious metals used in industry, The Wall Street Journal reported. Gold, for December delivery, rose US$24.60, or 1.9%, to settle at US$1,309.90 a troy ounce on the Comex division of the New York Mercantile Exchange on Thursday. Platinum for October delivery, the most actively traded contract, rose 3.7% to US$1,491.60 a troy ounce on the Nymex. “Industrial [precious metals] led us up, and gold followed” after the Chinese data showed stronger than expected trade data, said Frank McGhee, head precious metals dealer at Integrated Brokerage Services.