Gold and silver prices extended their rally on Wednesday, with analysts saying further gains will likely be determined by the direction of foreign exchange and interest rate expectations.
Spot gold was up 2.4% at $5,054.6 per ounce as of 5:37 a.m. ET, while gold futures
gained about 3.4%, to $5,1 . Meanwhile spot silver was up 5.8% $90 per ounce. Silver futures were up 8% at $90.16.
Precious metals prices have rebounded strongly after a fall of nearly 10% for gold on Friday, and a 30% collapse in silver prices that marked the metal’s worst one-day performance since 1980.
“Gold’s rebound today reflects renewed dip buying after one of the sharpest corrections in precious metals in years, as broader markets stabilized and the US dollar softened,” Ewa Manthey, commodities strategist at ING told CNBC in an email.
