In electronic trading on Wednesday, gold and silver futures continue to climb, winning back losses logged in the previous trading session.
Gold for June delivery climbed so far $13.40, or 0.95%, to $1,426.70 an ounce in Asian trading, erasing Tuesday’s decline of $12.40, or 0.9%. Silver also advances, but far less aggressive. It trades at around $22.95 per ounce, up 0.56% from the previous close of $22.82.
The gold’s price decline Tuesday was the first in four sessions. The fall was caused by disappointing data on manufacturing data in China, a rally in equities and strengthening U.S. dollar.
In April so far, gold prices are on track for a roughly 12% drop. Market analysts are pointing to declines in the yellow metal’s holding among exchange-traded funds and revised on the downside gold-price forecasts by major investment banks as factors behind the recent selloff.
