Gold Rises Above $4,900 as Dip-Buyers Come in Amid Thin Trade

Gold advanced back above $4,900 an ounce as dip-buyers snapped up the metal after a two-day drop. Bullion rose as much as 2.7% in thin trading on Wednesday, with much of Asia offline due to the Lunar New Year holiday. The metal had lost more than 3% over the previous two sessions. Throughout the holiday period investors “can reasonably expect a soft patch” for precious metals, analysts at BMO Capital Markets wrote in a note, opening a window for bargain-buying. Gold had an extraordinary month in Januar ...