Gold Rebounds in London as Buyers May Take Advantage of Decline

LONDON (Oct 17)   Gold rebounded in London on speculation some buyers will take advantage of lower prices.

Prices slid 23 percent this year. Global sales of bullion bars and coins gained 78 percent in the second quarter, according to the London-based World Gold Council.

“China is back and checking for availability,” said Bernard Sin, head of currency and metal trading at bullion refiner MKS (Switzerland) SA in Geneva.

Gold for immediate delivery jumped 0.8 percent to $1,292.44 an ounce by 8:53 a.m. in London. Prices earlier today dropped 0.6 percent as the U.S. Congress reached an agreement to raise the debt celling.