WASHINGTON (dpa-AFX) - Gold prices rebounded on Tuesday, recovering a portion of the massive losses incurred in Monday's massive plunge. Safe-haven demand bolstered by renewed geopolitical tensions including the U.S.-Iran tensions, the conflict around Yemen etc., lifted gold prices. The dollar's flat moves also supported sentiment for the yellow metal.
Gold Futures for February settlement are currently trading at $4,401.90, gaining 1.34 percent from the previous close of $4,343.60. Prices had touched an all-time high of $4,584 in Friday's trade.
Amidst the day's rebound, prices represent a weekly decline of 2.3 percent, a monthly surge of 3 percent and a year-to-date price gain of more than 66.6 percent. The yellow metal has witnessed a price jump of more than 141 percent over the 3-year horizon.
Spot Gold is currently trading 1.52 percent higher on an overnight basis at $4,397.96 per troy ounce.
At current prices, both Gold Futures and Spot Gold have gained more than 66 percent over the past year.
Prices of other precious metals also staged a strong rebound. Silver futures for March settlement oscillated between $70.70 and $74.72 per troy ounce and are currently trading at $74.48 per troy ounce. The price represents an addition of 5.7 percent from the previous close of $70.46. Platinum futures for April settlement ranged between $2,080.80 and $2,238 per troy ounce in the day's trading and are currently trading at $2,202.15, implying overnight gains of 3.2 percent. The previous close was at $2,134.60.
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