Gold futures reversed sharp losses from three consecutive sessions on Tuesday and climbed in value amid demand for the commodity at lower prices, Bloomberg reports.
Following the yellowish metal's largest dive in 72 hours since October 2008, Tuesday saw gold futures gain in value and drive back toward the threshold price of $1,700 per troy ounce. From Thursday of last week through Monday, gold futures lost 8.8 percent of their value. Since establishing all-time high prices of $1,923.70 per troy ounce on September 6, gold futures have fallen about 13 percent.
"When the market gets very panicky, they sell everything off and they go for cash and Treasuries because that's really the largest market where you can park your money," partner Gijsbert Groenewegen with Silver Arrow Capital Management told Bloomberg. "It's a great opportunity to accumulate more gold and silver."
At 6:03 a.m. on Tuesday, gold futures climbed 4.9 percent, a $78.10 lift to $1,672.90 per troy ounce.
Euro zone officials were reportedly cobbling together a stronger plan to confront the sovereign debt crisis tearing through the euro zone and victimizing nations' banks and public finance systems, according to the Wall Street Journal.
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