Gold futures on the COMEX division of the New York Mercantile Exchange closed at its highest level since mid- November 2013 on Monday (Tuesday morning GMT ) , as Chinese buyers return to the market after the Lunar New Year holiday of seven days .
The most active gold contract for April delivery rose 11.8 U.S. dollars , or 0.93 percent , to settle at 1,274.7 dollars per ounce .
China Gold Association reported on February 10 that China's consumption of gold for the first time exceeded 1,000 tonnes to 1176.40 tonnes reached in 2013 , rising 41.36 percent year- on-year . Meanwhile , China's gold production rose 6.2 percent in 2013 to a record 428.16 tonnes .
Investors are also a bit nervous because Federal Reserve Chairman Janet Yellen will provide information about the monetary policy on Tuesday in front of the U.S. House of Representatives Finance Committee , his first appearance since taking over the position of chairman Ben Bernanke .
The price of gold has increased by about six percent since early this year as stock markets around the world have retreated as a result of currency turmoil in some emerging markets .
But analysts doubted if the market price of gold could sustain recent gains , pessimistic investor sentiment has not changed .
Silver for March delivery rose 17.6 cents , or 0.88 percent , to close at 20.112 dollars per ounce . Platinum for April delivery rose 6.7 dollars , or 0.49 percent , to close at 1,385.9 dollars per ounce , according to Xinhua .
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