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Gold futures gained for the first time in four sessions as demand increased in China, the world’s second-biggest buyer.
Imports by China from Hong Kong almost doubled in November from a month earlier, government data showed today. The U.S. Mint has sold 71,500 ounces of American Eagle gold coins this month, compared with 76,000 ounces for all of December. On Jan. 4, futures touched a four-month low on signals from the Federal Reserve that its latest stimulus program may end this year.
Japanese pension funds will more than double their gold holdings to 100 billion yen ($1.1 billion) by 2015 as the new government pushes for a higher inflation target, Itsuo Toshima, an adviser to the funds, said in an interview.
Gold futures for February delivery rose to $1,659.80 an ounce on the Comex in New York. The price dropped 2.5 percent in the previous three sessions.
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