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Dec 9 - Gold prices hit two-week highs on Monday, climbing more than 1% on renewed buying of the metal by China's central bank following a six-month hiatus, with bullishness amplified by anticipation of a U.S. Federal Reserve interest rate cut next week.
"The most important factor is news that People's Bank of China reported that it again resumed its gold purchases ... the market is getting hopeful that we could see other central banks follow suit and we could see a resumption of record territory buying," said Bart Melek, head of commodity strategies at TD Securities.
Robust central bank buying has been a key pillar in supporting gold's record rally this year, alongside monetary policy easing and geopolitical tensions. However, if the Fed pauses and the underlying messages turn out to be cautious, that would put some interim pressure on the gold price, said StoneX analyst Rhona O'Connell.Turbulence in the Middle East increased over the weekend as Syrian rebels took control of Damascus following a 13-year civil war, forcing President Bashar al-Assad to flee to Russia.
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