Today's gold trade was extremely choppy and volatile encompassing large swings and ranges. NY Comex (HIGH) -$1138.00 (LOW) -$1123.70... Gold staged a late session rally to close positive due the U.S Dollar weakness and technical buying from the $1120.00 level.... In the wake of China's Central Banks decision to raise interest rates 50 basis points the Gold rebounded today due the U.S Dollars inability to maintain momentum against the Euro. The Chinese central Bank holds a record amount of U.S dollars however, its gold reserves are only at 1.8%. China has stated it intends to build its reserves to 10,000 tons in the next 10 years. Many Bullion traders and investors are looking for The China Central Bank to possibly purchase the remaining 200 metric tons of Bullion from the IMF. China is the worlds largest producer of gold and has increased its existing reserves to 1,054 tons since 2003. Their was buying interest from India's jewelry fabricators over night between the $1125.00 and $1130.00 levels. The Rupee was slightly higher making the Dollar quoted precious metal cheaper.