Gold is heading for its largest daily gains since 2008 with renewed demand for metals

Gold and silver prices rose sharply today, Tuesday, as the yellow metal is heading towards recording its largest daily rise since November 2008, with investors rushing to buy the metals after their largest decline over the past two days.

And The price of gold in spot transactions increased by 5.3% to 4913.59 Other precious metals Platinum rose 5.4% to $2,235 an ounce, while palladium rose 4.8% to $1,801.50.

Gold Price Forecast

Ule Hansen, head of commodity strategy at "Saxo Bank": "Gold has now crossed the first retracement barrier at $4,858, and focus is now on $5,000 – a 50% retracement level of the recent decline. As for silver, the equivalent levels are higher at $90.58 and $96.52."

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