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Gold update, up 1.6%

ByVictoria

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while the focus remains on U.S.-China trade tensions.

Spot gold was up 1.6% at $3,338.79 an ounce, as of 1140 GMT. Bullion fell as much as 3% on Wednesday in its worst daily performance since late November.

“Gold’s pullback earlier has cleared some of the froth from its latest surge. That, in turn, attracted some buy-the-dip action amid still-persistent global trade war fears,” said Han Tan, chief market analyst at Exinity Group.

“Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction.”

Spot silver fell 0.3% to $33.44 an ounce, platinum was steady at $972.15 and palladium was down 0.2% at $942.28.

Source – Reuters

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