Gold prices advanced in the international market for a fourth successive day on Thursday, as global investors sought protection in the precious metal amid lingering concerns over the eurozone sovereign debt crisis.
Fears of a possible escalation in the geopolitical tension on the Korea peninsula also prompted investors to rush to the safety and quality of the precious metal.
Spot gold gained 0.3% to US$1,391.38 an ounce at 11:57 a.m. in Tokyo after yesterday touching US$1,397.50, the highest price since Nov. 12. It has gained 27% this year, reaching a record US$1,424.60 an ounce on Nov. 9.
The bullion got a bit of a boost from news that China's gold imports jumped six-fold in January to October to more than 200 tons.
China’s gold imports in the first 10 months of this year jumped to 209 tons compared with 45 tons in all of 2009, the Shanghai Gold Exchange said.
US gold futures for February rose US$5.0 an ounce to at US$1,393.3 an ounce.
Bullion for immediate delivery advanced to a record 1,070.474 euros an ounce yesterday and an all-time high of 895.4353 British pounds.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said that its holdings rose to 1,293.891 tons by Dec 1 from 1,286.603 tons on Nov 29. The holdings hit a record at 1,320.436 tons on June 29.
Worries about eurozone's sovereign debt crisis persist despite hopes that the European Central Bank (ECB) and the United States would step in to help resolve the deepening crisis.
The ECB is under pressure to unveil new steps to stabilise the eurozone when it meets on Thursday.
Investors have been focusing on Portugal and Spain after a financial rescue of Ireland failed to assure investors that the debt contagion has stopped worsening.
A US official is believed to have said that Washington would be ready to support the extension of the European Financial Stability Facility via an extra commitment of money from the IMF.
Separately, the Tokyo Shinbun said today that North Korea may attack Gyeonggi province, surrounding Seoul. The official made the remark last month after the shelling of South Korea’s Yeonpyeong island, the report said.
Silver for immediate delivery climbed 0.2% to US$28.5131 an ounce after touching US$28.8375 yesterday, the highest level since Nov. 9, when the price reached a 30-year high.
Palladium rose 0.5% to US$738.50 an ounce after jumping 5% yesterday.
Platinum advanced 0.4% to US$1,693.50 an ounce.
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