New York [US], January 23: Gold prices rebounded on Thursday after an earlier drop of almost 1 per cent as traders took profits from recent gains in the precious metal, surging to $4,922 at the time of publishing.
Spot gold earlier climbed by around 0.8 per cent to about US $4,870 an ounce in late European trading, recovering from earlier losses.
Futures for February delivery also rose approximately 0.8 per cent to about US $4,880 per ounce. This lifted gold back toward recent peaks after it hit fresh highs in the preceding session, supported by a softer US dollar and sustained safe-haven demand.
The US dollar index dipped roughly 0.4 per cent against major currencies, making gold more attractive to overseas buyers.
Other precious metals also recorded gains:
-Silver rose more than 2 percent to around $95.3 per ounce, following a record high earlier in the week.
-Platinum advanced nearly 3 percent to about $2,550 per ounce, also near record levels.
-Palladium climbed roughly 3 percent to around $1,880 per ounce.
Analysts said gold's resilience reflects ongoing investor demand amid market volatility and geopolitical uncertainty, while a weaker dollar and inflows by central banks continue to underpin the metal's appeal.
Source: Emirates News Agency
