Gold prices rose over 1% on Wednesday, recovering from a more than one-week low reached in the previous session. Spot gold climbed to $5,168.69 per ounce, while US gold futures for April delivery increased to $5,178.40. The rise reflects investors turning to secure assets amid global market uncertainty.
Earlier, gold had fallen more than 4%, reaching its lowest level since February 20. A stronger dollar and reduced expectations of interest rate cuts had weighed on bullion, prompting the recent rebound. Other precious metals also saw gains. Spot silver rose 3.5% to $84.92 per ounce, platinum increased 2.7% to $2,139.56 per ounce, and palladium went up 1.6% to $1,673.87.
Global stock markets experienced some declines as higher energy prices added to inflation concerns and complicated expectations for monetary easing. Investors now anticipate the US Federal Reserve is likely to keep interest rates unchanged at its next meeting on March 18. Despite recent fluctuations, the underlying factors supporting gold, such as market uncertainty, policy unpredictability, and portfolio diversification, remain strong.
