FRANKFURT (MarketWatch) -- Gold futures rose on Wednesday to trade just below $1,200 an ounce, buoyed by strong investment demand and news that China has liberalized its domestic gold market. Gold for December delivery, the most actively traded contract, gained $10.60, or 1%, to $1,198.10 an ounce in electronic trading on Globex. The contract earlier hit an intraday high of $1,200.20 an ounce. China has announced that it will allow more commercial banks to import and export gold, a move that is seen as supportive of gold prices.
