Gold snaps two-day losing streak
Gold for December delivery rebounded Monday, finishing up $15.40 or almost 1% at $1,758 an ounce, after losing more than $40 over the past two trading days.
Gold futures hit highs just above the $1,800 level last week and is up more than 24% for the year. Monday marked the 40th anniversary of the US dropping the gold standard which pegged the conversion rate for one ounce at $35.
Most analysts do not expect demand for gold as a hedge against inflation to diminish and speculations that the US Fed will undertake a third round of monetary easing are mounting.