Gold Rises on Buying Following Sharp Drop

Gold prices rose this Wednesday, buoyed by buying operations after retreating by more than 2 percent in the previous session, as trading remained subdued due to the Lunar New Year holidays in several Asian markets.

Spot gold climbed 0.2 percent to $4,886.69 per ounce, after hitting its lowest level in over a week yesterday, Tuesday, while US gold futures for April delivery settled at $4,904.50.

The move came amidst continued dollar gains and markets awaiting the minutes of the Federal Reserve meeting, in light of expectations for three interest rate cuts this year, of 25 basis points each.

Regarding other precious metals, silver fell 0.8 percent to $72.86 per ounce, while platinum rose 0.9 percent to $2,025.80, and palladium gained 0.5 percent to $1,690.54.