TOKYO(BullionStreet): Gold prices steadied after losing 13 percent of it's value while silver also made a cautious recovery.
The euro jumped one per cent against the dollar as buyers returned to share markets and gold rebounded following Monday's rout.
The precious yellow metal peaked to $1381.80 an ounce in early Asian trade Wednesday after hit a low of $1321 an ounce on Tuesday.
The recovery came a day after a deep plunge in markets and commodities spurred by poor Chinese growth data and then the bombings in Boston, which killed three people.
Cash silver gained 0.8 per cent to $23.58 an ounce after falling to $22.07 yesterday, the cheapest since October 2010.
Spot platinum slipped 0.3 per cent to $1444.25 an ounce, while palladium was little changed at $677.40 an ounce.
Some analysts said they've seen about a $30 recovery in the gold price overnight and believes the long-term prospects remain good for gold.
They added that due to a steady recovery of global financial markets and the strengthening of the US dollar, gold’s bull run may have come to an end.
The world's gold mining companies will be hoping the precious metal recovers. Analysts say if the precious metal were to fall below $1200 an ounce, many mining companies would lose money.
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