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Gold prices jumped more than 1 percent on Thursday on bargain buying, a day after the bullion hit a one-week low amid optimism over the US-China trade deal.
Spot gold rose 1.5 percent to $3,335.39 an ounce. US gold futures gained 1.5 percent to $3,344.
Non-yielding bullion, traditionally seen as a hedge against global instability, hit a record high of $3,500.05 on Tuesday but fell below the $3,300 level on Wednesday.
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“The kind of volatility we’re seeing this week is being driven by technicals and headline risk. But the fundamentals are strong, so dip buying is effectively a function of investors moving in on the basis of the bigger picture,” Capital.com’s financial market analyst Kyle Rodda said.
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