Gold rebounds as recent plunge opens door for bargain hunters [CNBC]
U.S. Global Investors, Inc. - Class A (GROW)
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Source: CNBC
An Argor-Heraeus SA branded two hundred and fifty gram gold bar, center, sits in this arranged photograph at Solar Capital Gold Zrt. in Budapest, Hungary. Akos Stiller | Bloomberg | Getty Images Gold jumped on Tuesday as a five-session decline in the bullion market led bargain hunters out in force, with the Federal Reserve's announcement to relaunch financial crisis-era purchases of short-term corporate debt offering further support. Platinum and palladium also bounced back, recovering from Monday's meltdown on concerns of a global recession. Spot gold jumped 1.5% to $1,536.62 per ounce. U.S. gold futures soared 3.3% to $1,535.60. "Gold has got a lot of fundamental factors behind it to help drive it higher. Plus, you do have the technical aspect of it given the drawdown we had over the past two days," said Michael Matousek, head trader at U.S. Global Investors. "It is a great opportunity for people to enter into the gold market." Gold has shed nearly 10% from over seven-year highs hit
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