Spot gold prices are demonstrating renewed bullish momentum, recovering from a monthly low of approximately $4,400 recorded in early February, trading now at $5,078 at the time of publishing.

The precious metal capitalised on broad US Dollar weakness, gaining ground despite a generally upbeat market sentiment.

Market analysts indicate that while the recent peak of $5,092 remains a key resistance level, a breakthrough could pave the way for the precious metal to challenge previous record highs.

Lower interest rates continue to provide support for gold, as they reduce the opportunity cost of holding the non-yielding asset.

Data released by the People’s Bank of China on Saturday revealed that the central bank extended its gold-buying streak for the fifteenth consecutive month in January.

In other precious metals, spot silver rose 6.3% to $82.86 per ounce, following a gain of nearly 10% in the previous session. Silver notably reached an all-time high of $121.64 on January 29.

Elsewhere, spot platinum climbed 0.8% to $2,112.56 per ounce, while palladium rose 1.3% to $1,727.75.