U.S. gold futures rose $30.10 Tuesday, registering their biggest single day pick-up since early November. Reports of a potential rate increase in China and a poorer credit outlook for Chinese banks were among factors analysts proffered for gains.
"Certainly, the Chinese stories this morning have helped (gold)," said Credit Suisse analyst Tom Kendall, according to Reuters. "We have seen a bit of buying coming back in from some of the institutional names that have been absent for a while, and positioning in gold is a lot less from shorter-term players than it has been."
U.S. gold futures rose $30.10 Tuesday, registering their biggest single day pick-up since early November. Reports of a potential rate increase in China and a poorer credit outlook for Chinese banks were among factors analysts proffered for gains.
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