Gold Price Surpasses $5,000, China Boosts Demand

The price of gold has surpassed $5,000 per ounce as buyers capitalize on recent dips. This follows a turbulent week for precious metals.

Gold rose by 1.7% on Monday, reaching 5,049 units, recovering some of its losses from the end of January. Silver also saw an increase.

According to analyst Ahmad Assiri of Pepperstone Group, maintaining the price above $5,000 is critical for the market.

The People's Bank of China continues to expand gold purchases for the 15th consecutive month, boosting demand, according to the Securities Times.