Gold prices recover slightly after biggest fall in over a decade
Gold prices made a small comeback on Wednesday after a big fall the day before. The uptick was thanks to a weaker dollar and more buyers jumping in at lower prices.
Spot gold rose 0.6% to $4,146.47 per ounce early this morning, recovering from Tuesday's steep drop of more than 6%.
Now, everyone's watching US inflation data for hints about where interest rates might go next.
Gold's biggest single-day fall since 2013
Tuesday's plunge was gold's biggest single-day fall in over 12 years, with silver dropping more than 2%.
Tim Waterer from KCM Trade explained that traders were locking in profits at record highs.
Concerns about a possible bubble have also been reported, according to Bloomberg. Geopolitical tensions and the end of India's gold buying season didn't help either.
Still, experts say these corrections are pretty normal, and expect more buyers to step in if prices dip again.