Gold rises for fifth day in longest winning streak this year

Gold today climbed for a fifth day in its longest rally this year as the biggest slump in three decades boosted physical purchases.

The precious metal rose 2.01 per cent to USD 1,434.80 an ounce. A fifth day of gains would be the longest run since December 27. Silver also advanced 1.29 per cent to USD 23.59 an ounce, rising for the first time in four days.

In India, gold imports may jump by 36 percent in the three months through June compared with a year earlier, as consumers rush to buy jewelry and coins after prices slumped, traders said. India and China are the world's biggest gold consumers.

The volume for the Shanghai Gold Exchange's benchmark cash contract today exceeded 43,000 kg for the first time. The US Mint has sold 167,500 ounces of gold coins so far in April compared with 62,000 ounces sold in the whole of March.

Fund managers and other speculators increased net-long positions in gold by 9.8 percent to 61,579 futures and options in the week ended April 16, US Commodity Futures Trading Commission said