One day after dropping 1.9 percent of its value, the yellowish metal was climbing back as the value of the common currency of the European Union also gained, Reuters reports. Since late last month, gold futures have lost more than 6 percent of their value, but one investment house held out hope in demand for bullion from China, the globe's top consumer of the precious metal.
"While dips have encouraged some buying from China, interest has been rather sporadic, instead of the consistent support that gold seems to need right now," states a note authored by UBS, according to Reuters. "Our client flows were two-way and Shanghai Gold Exchange volumes for the two gold contracts have eased back to average levels."
At 9:48 a.m. on Wednesday, gold futures increased 0.15 percent, a $2.50 lift to $1,674.60 per troy ounce.
With a record price of $1,923.70 per troy ounce established on September 7 of last year, the precious metal has gained more than 7 percent thus far this year, Bloomberg reports.
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