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

Group 1 - Gold prices advanced back above $4,900 an ounce after a two-day drop, with a rise of up to 2.7% in thin trading due to the Lunar New Year holiday [1] - January saw gold prices reach over $5,500 an ounce for the first time, but a significant drop occurred on January 29, marking the largest decline in over a decade [2] - Analysts noted that the recent volatility in gold prices has led to wider trading ranges, indicating a shift in market dynamics [2][3] Group 2 - Major banks, including BNP Paribas, Deutsche Bank, and Goldman Sachs, predict that gold prices will continue to rise, supported by ongoing geopolitical tensions and concerns regarding the Federal Reserve's independence [5] - Investors are closely monitoring comments from Federal Reserve officials for insights into US monetary policy, as potential rate cuts could benefit non-yielding assets like gold [6]