CNBC reported that after significant losses earlier today, gold rebounded by $30 after Reuters was informed that Spain is likely to request help for its banks over the weekend.
As quoted in the market news:
The metal’s turnaround was particularly impressive in the face of losses in industrial commodities led by copper and a higher dollar. The inverse correlation between gold and the U.S. dollar fell to its weakest in about six months.
Spot gold was up 0.2 percent at $1,592.44 an ounce by 3:10 p.m. EDT (1910 GMT), rebounding sharply from a one-week low of $1,561.44 earlier in the session.