Gold Bounces Above $800 After 1% Drop

Source:

...the metal remained vulnerable to further corrections because of a decline in oil prices and profit-taking from last week's rally that saw the metal hitting a 28-year high of $845.40 and hovering near its record peak of $850.

Gold bounced back to trade above $800 an ounce on Tuesday after falling overnight to a one-week low, as bargain-hunters resurfaced and a weaker dollar supported the market, analysts said.

But the metal remained vulnerable to further corrections because of a decline in oil prices and profit-taking from last week's rally that saw the metal hitting a 28-year high of $845.40 and hovering near its record peak of $850.

Gold hit a low of $790.80, its lowest since Nov. 2, before rising to $808.70. It was at $804.35/805.05 an ounce by 1013 GMT, against $803.10/803.90 late in New York on Monday.

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