Gold Surpasses $5,000 as Dip-Buying Drives Monday Recovery (GC=F)

Gold (GC=F) surged above $5,000 per ounce on Monday as dip-buying returned to the choppy market, recovering 1.7% in Asian trading. The precious metal has since recouped about half of the roughly 20% decline since its Jan. 29 all-time high. Silver rose as much as 6% to $82.32 an ounce, while platinum was flat and palladium gained. Chinese central bank purchases continued, with the People's Bank of China extending gold buying for 15 consecutive months, signaling resilient official demand. Chinese regulators are advising financial institutions to limit US Treasury holdings amid concerns over concentration and volatility. Gold climbed to $5,038.39 as of 2:12 p.m. Singapore time. The January jobs report is scheduled for Wednesday and inflation data for Friday, with traders closely watching for guidance on the Federal Reserve’s policy direction and independence.