Gold bounced higher on Wednesday after posting its biggest decline in a month in the previous session, shrugging off falls in exchange traded fund holdings and gaining support on inflation concerns in major gold buyer China. Spot gold added $2.81 to $1,456.76 an ounce by 0558 GMT after falling as low as $1,443.49 an ounce on Tuesday, tracking declines in oil prices.
Bullion hit a record around $1,476 an ounce on Monday on the prospect of more declines in the dollar. Spot silver rose 32 cents to $40.36 an ounce, not far from a 31-year high at $41.93 struck on Monday.