Gold prices continue their cautious recovery following the sharp selloff at the start of the week, as persistent global uncertainties continue to drive demand for gold as a safe-haven asset.

(Reuters) - Gold prices gained on Friday, boosted by a drop in dollar and persistent geopolitical tensions, but bullion was still set for its worst monthly loss since September last year after a post-election sell-off driven by Donald Trump’s win.

Gold remains on pace for its worst monthly performance in over a year despite rising for a fourth straight day, as the metal continues to recover from its heavy losses during the selloff driven by Donald Trump’s election win.

Valued at approximately 600 billion yuan or US$83 billion, the discovery could be considered the largest and most lucrative reservoir of gold ever uncovered, surpassing the 900 metric tons estimated to lie within the mother of all gold reserves, South Deep mine in South Africa.

Officials say that a gold field deposit in Hunan province could yield over 1,000 tonnes of the precious metal.

China says it has discovered the world’s largest known deposit of gold, estimated to be worth over $80bn (£63bn). The deposit at the Wangu goldfield in central China could yield more than 1,000 tonnes of gold,