Gold rebounded by nearly 2% on Wednesday. Les Investors found the precious metal attractive after its prices were which fell to a low of three weeks during the previous session.

The spot price of gold increased by 1.9% to $4,028.05 per ounce at 09:55 GMT, after reaching Tuesday its lowest level since October 6.

American gold futures for deliveries in December gained 1.5% to $4,041.50 per ounce.

According to Peter Fertig, Analyst at Quantitative Commodity Research, “the hunt for bargains could support gold, because it has lost just over 10% of its value, making it at new attractive since the fundamentals of gold remain valid.”

Gold prices soared by about 52% since the beginning of the year, reaching an all-time high of $4,381.21 on October 20, supported by geopolitical uncertainties and economic, bets on rate cuts and sustained purchases of central banks.

Cash gained 2.8% at $48.35 per ounce, platinum rose 1.9% to $1,616.35 and palladium rose by 1.3% to $1,412.01.