The price of gold is up for the second day in a row today (December 10), bouncing back from the five-month low the precious metal recently hit.
Gold was up again in New York today, rebounding from falling to $1,210.10 (£735.56) an ounce on December 6th, which was its lowest point since early July.
David Govett, head of precious metals at Marex Spectron Group in London, explained that there has been some short-covering and some bargain hunting, which has affected the value of the metal.
He also noted there have been signs of growing demand in China, adding: "The market is still limited on the upside. We continue to wait for next week's Fed meeting."
Gold is likely to fall for the year for the first time in 13 years, with the value of the precious metal around 27 per cent down since March.
Edmund Moy, chief strategist with gold-backed IRA provider Morgan Gold, said earlier in the week that he expects gold prices will stay in flux for the foreseeable future.
From time to time, City Index Limited’s (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.