Gold gains slightly on physical demand

Gold futures on the COMEX division of the New York Mercantile Exchange gained slightly Monday on physical demand. The most active gold contract for August delivery rose 5.9 dollars, or 0.46 percent, to settle at 1,283.5 dollars per ounce. Behind gold's rally in five of the past six trading days is the physical demand, as end users worldwide are busy buying into gold to replenish inventory at comparatively low price levels, market analysts hold. The financial turmoil in the euro zone also lent support to gold, as Fitch Ratings on Friday downgraded France's credit rating to AA-plus from AAA. Besides, investors are waiting to find some clues in U.S. Federal Reserve Chairman Ben Bernanke's testimony before the U.S. House of Representatives and the Senate scheduled later this week. Silver for September delivery gained 4.7 cents, or 0.24 percent, to close at 19.839 dollars per ounce. Platinum for October delivery climbed 14.5 dollars, or 1.03 percent, to close at 1,421. 4 dollars per ounce.