Gold price bounces back from two-year low

<p>Gold is up one per cent today.</p>

The price of gold was up by one per cent today (April 17th), bouncing back from the two-year low reached by the precious metal earlier in the week.

Buyers snapped up gold bars, coins and nuggets as the commodity rebounded from its poor performance throughout 2013 so far.

However, gold is not yet out of the woods as investors continued to shift holdings from exchange-traded funds, according to a report by Reuters.

"People are actually buying everything, gold bars, gold coins. People are rushing to get a hand on it. We have a problem meeting the demand because we are unable to get new supply," said Brian Lan, managing director of GoldSilver Central Pte in Singapore.

Akshaya Tritiya, a key gold-buying festival in India, is set to take place next month, which could see the cost of the precious metal continue to recover.

Speaking to the Financial Times earlier in the week, Joni Teves, precious metals strategist at UBS in London, described the recent crash in the price of gold as "nasty".

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