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Gold advanced for the first time in three sessions as lower prices lured buyers of the physical metal amid an extended drop in holdings of exchange-traded products. Silver also gained.
Gold demand in India, the world's largest buyer, is heading for a quarterly record as imports reach 300 to 400 metric tons, the World Gold Council said in a report today. That's equal to almost half of the total shipments for all of last year. Assets in ETPs backed by the metal have shrunk 18 percent this year, reaching the lowest since June 2011 as some investors lost faith in the metal amid an improving economic outlook and concern that the Federal Reserve may slow the pace of stimulus measures.
Gold futures for August delivery climbed 0.2 percent to $1,383 an ounce at 10:04 a.m. on the Comex in New York. Yesterday, prices slipped 0.6 percent after topping $1,400.
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