The Gold futures have recorded a gain following heavy losses recorded in the New York session by the shiny metal.

Latest figures showed that the gold for February delivery increased $7.70 an ounce to $1,703.50 an ounce. The prices had fallen sharply on Tuesday to its lowest level in a month as US budget talks put downward pressure on the prices. The futures had fallen $25.30 or 1.5 per cent on Tuesday.

Experts say that the gold prices are not likely to remain low due to the movements in the US dollar. It is believed that the weakness in the prices of gold are silver are likely to be short term. Analysts expect the US dollar to weaken in the coming weeks within this year.

They said that the U. S. currency would likely be beneficial for gold as the prices of gold generally move inversely with the dollar value. The ICE dollar index measuring the US dollar against six major currencies fell moderately to 79.614, from 79.632 in trading on Tuesday in North America.

Meanwhile, silver for March delivery advanced 33 cents to $33.13 an ounce, while copper for delivery in the same month rose 2 cents to $3.69 a pound.