Gold has risen for the first time in more than a week, leading a rally in precious metals, on speculation that the lowest prices in five months will spur demand from jewellers and investors.

Gold futures for February delivery climbed 2.1 per cent to $1,573.30 an ounce on the Comex in New York, ending a six-session slump that was the longest since March 2009.

While gold was up 8.4 per cent this year as of yesterday, heading for an 11th straight annual gain, prices have fallen as much as 21 per cent since touching a record of $1,923.70 on September 6th.

Shares in leading gold producers rallied as the precious metal’s prices began to rally on world markets. Barrick Gold, the world’s largest gold producer, gained 1.4 per cent to Can$46.72. – (Bloomberg)