Platinum prices hit 4-month high, Gold prices rise on global economy hopes
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Shares in Asia recovered on Wednesday as solid euro zone data calmed nerves jarred by potential political turmoil derailing the region's efforts to resolve its debt crisis, while the prospect of a dovish new governor for the Bank of Japan weakened the yen. A further slide in the Japanese currency spurred buying in gold futures on the Tokyo Commodity Exchange (TOCOM), with the most active contract, currently December, hitting a record for the fifth consecutive day at 5,068 yen a gram.
"My office in Tokyo told me there's buying in Japan, but it's pretty quiet here. Gold has been trading sideways for a while," said a dealer in Singapore, referring to cash gold.
"Premiums are still the same from last week at $1.20. There's regular supply, so we don't need to adjust them," said the dealer, referring to the premiums for local gold bars against London prices.
Hong Kong's net gold flow to mainland China jumped 47 percent in 2012 to a record high of 557.478 tonnes, indicating robust demand in China, which vies with India to be the world's top gold consumer.
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