Gold futures on Nymex are trading back above the $4,000 an ounce level as bulls once again hold sway after a flurry of profit taking over recent sessions.
Silver is also finding its footing, changing hands above $48 an ounce after dropping to a three-week low near $46 on Monday.
Bullion had reached record highs 10 days ago as retail investors joined central banks in buying the precious metals. However, the subsequent parabolic price gains left futures technically overbought, according to Michael Widmer, commodity strategist at Bank of America.
