The value of gold has bounced back after the heavy losses sustained by the commodity over the course of the year so far.
Last month, the precious metal slipped closer to a three-year low, but it has now risen to recover 40 per cent of the recent crash before easing back, reports the Market Oracle.
A technical analysis of the gold chart from Sharekhan, which is India's second largest stock broker, explained the price of the commodity is expected to keep rising.
"The crucial support is placed at $1,180," said Sharekhan, "which is the low it touched" at the end of June.
Canadian bank and London bullion market-maker ScotiaMocatta added it is also expecting the value of the precious metal to continue to rise in the near future.
Axel Merk, chief investment officer at Merk Funds, recently told Reuters that he believes investors are now a lot more cautious about gold than they used to be.
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