Gold Rises to 3-Week High in London as China Increases Reserves

Gold rose to a three-week high in London, heading for its first weekly gain since March, after a report that China’s reserves of the precious metal increased 76 percent since 2003.

China holds 1,054 metric tons, the official Xinhua News Agency said, citing the head of the State Administration of Foreign Exchange. It also has the world’s largest foreign- currency reserves, at $1.95 trillion as of March 31. Bullion has added 4.7 percent this week, the most since the week of Feb. 20.