Gold Gains Traction After Major Two-Day Drop

Bloomberg reported that gold regained some ground on Tuesday, as investors perceived the 13 percent drop over the last couple of days to be overdone.

As quoted in the market report:

Everything isn’t looking that rosy, so gold should hold up,” said David Poh, Singapore-based regional head of portfolio-management solutions at Societe Generale Private Banking. “This tumbling over the past few days is overdone. We think a good time to accumulate is at the $1,300 level.

To view the whole Bloomberg report, click here.