Gold Bounces Up to $1,404/oz

Gold prices were back up June 5 to $1,402.41 an ounce, an increase of $2.80 from the previous session, Reuters reported. U.S. gold futures also increased $4.70 an ounce to hit $1,401.90 an ounce.

Spot gold reached a session low earlier today of $1,395.19. Yesterday gold prices dropped below the $1,400 an ounce mark.

Speculation that the Federal Reserve may decide to scale back its $85 billion monthly bond-buying program has impacted gold prices. The bond purchases are part of the federal stimulus program known as “quantitative easing” — a measure that has helped gold prices reach record highs in recent years.