Gold futures continue to extend their gains this morning after breaking out of a three-month range yesterday. According to the Financial Times, the yellow metal pushed prices above significant resistance levels, triggering a wave of technical buying.

But even though physical demand has improved since the beginning of the year, jewelery demand remains low, particularly in India, the world’s top consumer of gold. The latest figures from the Bombay Bullion Association show that imports rose in August from July, but were still down 90% compared with the same period a year earlier