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Bargain hunters buying gold amid lower prices

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Tyler, TX (KYTX) -- Gold prices plunged at the beginning of this week, and even though they've bounced back, this has opened the door for some bargain hunters wanting to strike while the iron is hot.

"They always say buy on the dip, so I buy a little bit on the dip, and when it goes back up I sell it," Royce Hayes said.

He's one that's keeping an eye on the gold market.

"It's been on a yo-yo," Hayes said.

Hayes is one of many bargain hunters taking advantage of the roller coaster week for prices.

"A year ago our average selling price was around $1700, $1800 per ounce. Today you can buy an American Gold Eagle for under $1500," Don McPherson, owner of American Gold and Diamond Exchange in Tyler, said. 

On Monday, gold suffered its worst one-day drop in 30 years, plunging to $1,361 an ounce.

"Some of the bigger dealers will take stuff off the market during a big drop, but we give our customers an opportunity to buy when it's lower and when its higher," McPherson said. 

Prices have now bounced back up to above $1400 an ounce to end the week.

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