The price of gold recovered on July 18, after experiencing sharp declines during the prior session. Such a recovery could help bolster the sentiment of those who purchase precious metals.
August gold was up 0.6 percent at $1,285.60 per ounce on the Comex division of the New York Mercantile Exchange, after this contract plunged $12.90 on the previous day, according to MarketWatch.
The precious metal managed to rise in value even as the greenback, which usually has an inverse relationship with gold, made gains, the media outlet reports. The ICE dollar index, which compares the U.S. dollar to the currencies of six major trading peers of the nation, was valued at 82.912, compared to 82.715 late in the previous day.
The sharp losses that the commodity experienced during the prior session happened as individuals and organizations that purchase precious metals made an effort to interpret the testimony provided by Federal Reserve Chairman Ben Bernanke about the future of quantitative easing, according to Bloomberg.
"There was no clear-cut consensus in the marketplace on whether Bernanke's comments [Wednesday] were more dovish or more hawkish than his remarks of the past few weeks," wrote Jim Wyckoff, senior analyst at Kitco.com.