Gold Rebounds From Five-Year low as Precious Metals Advance

Gold today advanced for the first time in seven days as a technical indicator showed the plunge to a five-year low may have been too excessive.

Published: 21st July 2015 06:32 PM  |   Last Updated: 21st July 2015 06:32 PM   |  A+A-

By PTI

LONDON: Gold today advanced for the first time in seven days as a technical indicator showed the plunge to a five-year low may have been too excessive.

Gold rose 1 per cent to USD 1,107.75 an ounce. Prices reached USD 1,086.18 on Monday, the lowest since March 2010, in the longest run of losses in four months.

Silver also climbed 1 per cent to USD 14.85 an ounce, after dropping to the lowest since December on Monday.

Bullion slid 3.3 per cent on Monday, the most in two years.

Meanwhile, gold fell 6.5 per cent this year on expectations the Federal Reserve will raise interest rates, curbing demand for bullion that generally offers returns only through price gains.

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