Gold prices rise more than 1% amid buying interest

Gold prices rose more than 1% today amid buying interest driven by lower prices, a day after the metal hit a one-week low amid optimism about a US-China trade deal.

Spot gold rose 1.5% to $3,335.39 per ounce. U.S. gold futures rose 1.5% to $3,344, according to Reuters.

Gold, which does not yield returns but is used as a hedge in times of global turmoil, hit an all-time high of $3,500.05 on Tuesday but fell below $3,300 the following day.

“The volatility we’ve seen this week is driven by technical indicators and the risks that news reports are pointing to,” said Kyle Rodda, a financial markets analyst at Capital.com. “But the fundamentals are strong, so buying on the dip really depends on investors taking the bigger picture.”