Gold futures on the COMEX division of the New York Mercantile Exchange rose more than two per cent on Wednesday (Thursday morning GMT ) , closes most of the losses in the previous two sessions .
The most active gold contract for February delivery rose 26.4 U.S. dollars , or 2.16 percent , to settle at 1247.2 dollars per ounce . Statistics show gold has suffered a loss of 2.4 percent , or nearly 30 U.S. dollars per ounce , the previous two trading sessions .
Market analysts said the rise in gold prices on Wednesday may be evidence of an early stage rally " short-covering " ( buying back the gold that has been sold ) substantially towards the end of the year .
In addition , the strengthening of the commodity continues to support gold prices and some of the support comes from "technical buying " .
Gold has fallen 26 percent this year , heading for the first annual decline in 13 years , as some investors lose confidence in the metal as a store of value .
Minutes of the meeting of the U.S. Federal Reserve in October released on November 20 showed that economic policymakers estimate the increase will allow the central bank to cut its monthly bond purchases in the coming months .
Silver for March delivery rose 76.5 cents , or 4.01 percent , to close at 19.830 dollars per ounce , according to Xinhua
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