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Precious metals recovered on Monday and recouped some of last weeks losses, as investors jumped at the opportunity to by metals at lower prices, reports the China Mineral Company.

February gold rose $13.50, or 1.3%, to settle at $1,065.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold’s price is still historically high; the metal hasn’t been below $1,000 an ounce since October. Weakness in the dollar also fueled the climb as dollar-denominated gold was cheapened for purchasers using other currencies. The euro held despite lingering euro-zone debt fears. The market is also expecting some possible physical buying ahead of the Chinese Lunar New Year celebrations.

Although euro-zone debt concerns continue to fester the market looks bearish for gold and other metals as they have been trading as a risk play with equities and high-yielding currencies in recent months. Tad Brooks of the China Mineral Company cites Kitco Metals analyst Jon Nadler as saying the “technical picture is as oversold as it has been in a couple of years”.