CHICAGO, Feb. 25 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rebounded Monday after touching a 7-month low Friday.
The most active gold contract for April delivery gained 13.8 dollars, or 0.88 percent, to settle at 1,586.6 dollars per ounce.
This is the biggest one-day gain of gold prices in January.
Gold rebounded as concerns over Europe have intensified: the outcome of elections in Italy was not as clear as its first appeared; and Moody's Investors Service Friday lowered Britain's rating from AAA to AA1.
Gold is usually regarded as a safe-haven asset at times of political and economic uncertainty.
Meanwhile, the preliminary reading of HSBC's PMI for China's manufacturing industry came in at 50.4 in February, a four-month low and down from the final reading of 52.3 in January. This indicates a slower pace of economic expansion in China in February.
Despite the improved demand in India and buying from China, gold dropped sharply last week, partly due to hints of the Federal Open Market Committee meeting in January that the Federal Reserve may phase out its massive asset-buying program earlier than expected.
Some market analysts hold that gold prices may have reached its bottom.
Silver for March delivery rose 52.7 cents, or 1.85 percent, to close at 28.987 dollars per ounce. Platinum for April delivery climbed 13.3 dollars, or 0.83 percent, to close at 1,620.7 dollars per ounce.
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