Gold,rebounded since the start of January as global equities declined and lower bullion prices spurred more physical demand. Volumes for the benchmark contract on the Shanghai Gold Exchange, which opened last friday, climbed to the highest since May today.
Bullion for April delivery rose 0.8 percent to $1,273.10 an ounce by 7:38 a.m. on the Comex in New York. It reached $1,276.20, the highest since Jan. 27, and is up for a fourth day in the best run since Aug. 12. Futures trading volume was 7.4 percent below the average for the past 100 days for this time of day. Gold for immediate delivery gained 0.5 percent to $1,273.87.Silver for delivery in March rose 1.3 percent to $20.205 an ounce.