The sharp drop in prices in the previous session triggered strong buying interest as Asia opened business, sending spot gold up 1.2 percent to $1,851.67 an ounce by 0303 GMT.
Some gold bulls say it's time to take money off the table after bullion prices rallied about $400 from the beginning of July to a record high above $1,911 on Tuesday. But there is quite a bit of downside risk if gold breaks below $1,800 on a sustained basis. It may go lower to $1,700 or so.
Physical dealers were busy with a flood of orders from countries including China, Indonesia and Thailand. India, the world's largest gold consumer, has yet to buy in bulk. Its festival and wedding season starts in late September and peaks during the Deepavali festival in late October. For the latest updates PRESS CTR + D or visit Stock Market news Today
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