Gold Price Recovers Some Losses As Bargain Hunters Step In

New York (Aug 1)  Gold prices have gotten back some of the steep losses experienced over the past 24 hours. Bargain hunters have stepped in, reckoning this is just another normal downside price correction amid an uptrend that is still in place on the daily bar chart. Also, having had some time to reflect, an easier Federal Reserve monetary policy, albeit maybe not as easy as the metals market bulls were wishing, is still overall friendly for precious metals prices. December gold futures were last down $10.80 at $1,427.10.

By 12 noon EST spot gold was up $5 to $1,415, while spot silver was still down 15 cents at $16.13.  HOWEVER, sppot palladium was hammered down $100 to $1,420 (that's down more than 7% already today).

Reuters