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Gold gained for the first time in four days in New York as prices neared a four-month low, buying spurred by speculation of increased demand from China, Bloomberg reported.

Bullion slumped to a four-month low on Jan. 4 after minutes from the Federal Reserve showed that policy makers may end US$85 billion in monthly bond purchases some time this year. Gold imports by China from Hong Kong almost doubled in November from a month earlier, government data show. The U.S. Mint sold 71,500 ounces of American Eagle gold coins so far this month, compared with a total of 76,000 ounces in December, its website shows.

Gold for February delivery rose 0.4% to $1,653.30 an ounce by 7.47 a.m. on the Comex in New York. Prices reached $1,626 on Jan. 4, the lowest since Aug. 21. Gold for immediate delivery added 0.4% to $1,653.71 in London.

Mainland China bought 90,764 kilograms (90.764 metric tons) in November, including scrap and coins, compared with 47,478 kilograms in October, data from the Census and Statistics Department of the Hong Kong government show. Volumes for bullion of 99.99% purity on the Shanghai Gold Exchange surged to 19,504.8 kilograms yesterday, according the bourse's website. That's the highest ever for the benchmark contract, according to data tracked by Bloomberg.

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