But the yellowish metal recovered at least 1 percent of its value in anticipation of U.S. President Barack Obama's speech about job creation, according to Reuters. Investors in search of bargains also purchased the metal during its recent dip.
"We're heading into a good period for seasonal demand and people are taking the opportunity to pick up gold on these dips," analyst Dan Smith with Standard Chartered in London told Bloomberg. "The main trend is that things will remain poor from a macro perspective and that will support gold."
At 7:32 a.m. on Thursday, gold futures were up 1.42 percent, a $25.90 increase to $1,843.50 per troy ounce.
The precious metal's dip on Wednesday, a 3 percent dive, was the biggest reduction in 14 days. Gold also dropped in value on Tuesday, but not before establishing record high prices of $1,921.15 per troy ounce earlier in the day. During that 48-hour period, gold dropped lower than $1,800 per troy ounce and presently is driving back toward the $1,900 per troy ounce threshold.
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