Gold extends gains on physical demand, bargain hunting

Investing.com - Gold prices carried Thursday's gains into Friday on reports of rising physical demand in Asia, while bottom fishers snapped up nicely priced positions after the commodity suffered its worst loss in 2013 in three decades.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,236.60 a troy ounce during U.S. trading, up 0.93%. Gold prices traded in a range between USD1,221.40 a troy ounce and USD1,239.60 a troy ounce.

Futures were likely to find near-term support at USD1,181.90 a troy ounce, the low from Dec. 31, and resistance at USD1,251.40, the high from Dec. 16. The February contract settled 1.90% higher on Thursday to end at USD1,225.20 a troy ounce.

Reports of rising demand for gold bars and jewelry in Asia sent prices spiking on Friday, which brought in bargain hunters who viewed the yellow metal as an attractive buy.

Gold prices fell about 29% in 2013 amid growing expectations that the Federal Reserve will taper its bond purchases in 2014 and possibly end the program later this year.

Earlier Friday, outgoing Fed Chairman Ben Bernanke said any decision to trim the U.S. central bank's USD75 billion in asset purchases this year shouldn't be interpreted as a sign that tighter monetary policy is around the corner.

"It is important to recognize that the potential signaling aspect of asset purchases depends on the broader economic and policy context. In particular, the [Fed's] decision to modestly reduce the pace of asset purchases at its December meeting did not indicate any diminution of its commitment to maintain a highly accommodative monetary policy for as long as needed," Bernanke said in prepared remarks of a speech he gave earlier Friday.

Elsewhere on the Comex, silver futures for March delivery were down 0.12% and trading at USD20.103 a pound, while copper for March delivery was down 0.91% at 3.351.

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