Tuesday's fall in price, the largest since February 2010, was the first in six-straight days of trading sessions, Reuters reports. Bernard Sin, currency and metal trading head for bullion refiner MKS Finance in Geneva, told Bloomberg his outfit has seen significant "bargain hunting" after the metal's backtrack on Tuesday.
"Gold is very well bid every time prices come off," corporate services head Duan Shihua, with Haitong Futures in Shanghai told Bloomberg. "This will keep prices supported as investors continue to look for a safe place to put their money."
At 7:05 a.m. on Wednesday, gold futures fell 0.59 percent, a $10.90 fall to $1,850.40 per troy ounce.
The U.S. Federal Reserve's annual symposium in Wyoming later this week is prompting interest and speculation, Reuters reports. Fed chief Ben Bernanke is scheduled to speak and observers are curious as to whether he will signal additional asset purchases to spur the slumping economy.