Gold Up Slightly to $1,259.30 an Ounce as Investors Buy Bullion-Backed Funds

Gold recovered slightly on Wednesday, rising 0.4 percent or $5.04 to $1,259.30 an ounce, according to Reuters. The heavy sell-off in stock markets has made the metal more appealing to investors, with the SPDR Gold Trust, a bullion-backed exchange-traded fund, reporting a significant inflow Tuesday.

However, the rise in gold kept it in a narrow range nonetheless. U.S. jobs data will be released on Friday, and investors are hesitant to make significant moves before that time. Furthermore, Asian demand is nearly absent during the Lunar New Year holiday, which goes on until Friday and has depressed the price of gold.

U.S. gold futures for February delivery were up $7.10 an ounce to $1,258.30.