Gold Rebounds Above $4,900 as Dip-Buyers Return Ahead of Fed Minutes
Gold prices recovered to $4,917.45 an ounce, marking a 0.8% rise, as dip-buyers emerged following a two-session decline. The precious metal had previously retreated from record highs above $5,595 amid speculative volatility. Silver outperformed with a 3% surge to $75.78, while platinum and palladium also gained ground.
Market sentiment remains fragile as traders await the Federal Reserve's January meeting minutes. Diverging views among policymakers on rate cut timing have created uncertainty. Progress in U.S.-Iran negotiations briefly reduced safe-haven demand, contributing to gold's recent weakness.
Major banks including Goldman Sachs and BNP Paribas maintain bullish outlooks, anticipating a resumption of gold's upward trajectory. Trading volumes remain subdued due to Lunar New Year closures across Asian markets.
