Gold prices rebounded above the $5,000 per ounce mark on Monday as dip-buyers returned to the market following an exceptionally volatile week for precious metals.
The rebound comes after a sharp selloff at the end of last month that erased a significant portion of gains made during a historic rally.
Investors appear to be selectively re-entering positions, betting that underlying demand drivers remain intact despite recent turbulence.
Bullion rose as much as 1.7% during Asian trading, recovering further ground after last week’s rout. The metal has now clawed back about half of the losses recorded since it plunged from an all-time high reached on January 29, while silver also advanced alongside other precious metals.
Early trading data points to a meaningful rebound across the precious metals complex, supported by renewed buying interest and resilient official-sector demand.
- Prices remain volatile, but recent moves suggest that buyers are stepping in at lower levels.
- As at the time of this report, gold was trading at $5,009 per ounce.
- The rebound follows a drop below $4,768 last week, marking a sharp but short-lived correction.
Silver advanced 5.8% to $82.32, while platinum was little changed and palladium edged higher.
Data released over the weekend showed that China’s central bank extended its gold purchases for a 15th consecutive month.
According to a report by the official Securities Times, these relatively small-scale purchases are expected to continue, allowing the People’s Bank of China to diversify its reserves without triggering excessive price volatility, underscoring resilient official demand that has underpinned the broader bull run.
