Gold recovers from last week’s decline

Gold recovers from last week’s decline

Gold has managed to recover from the last week's crash in the Asian markets. The price of other precious metals like silver, platinum and palladium have gone up in today's trade. The spot gold was traded at $1,374.615 an ounce at 1.00 p. m. Singapore time.

There has been a hike in the February futures as well. The February-delivery contract was traded at a high of 0.4 percent on the Comex in New York. The Gold February futures have touched $1,373.80 an ounce today.

However, last month, the spot gold advanced has gone up by 30 percent in and has managed to climb to a record of $1,431.25 an ounce. The basic reason of such surge in spot price was that the governments were purchasing assets in gold to fuel their economies.

As per the analysts, the positive trend in the precious yellow metal was the biggest weekly drop since May but now it has shown some resistance. Europe's sovereign-debt crisis was the major cause of decline in gold price last time. But now the precious metals have managed to recover.

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