The price of gold rebounded Thursday after falling $77 per ounce Wednesday.

The precious metal's 5 percent price plunge was its biggest one-day drop since just before Lehman Brothers collapsed in October 2008.

On Thursday morning, gold was selling at $1,709.40 an ounce.

Prices fell after Federal Reserve Chairman Ben Bernanke gave no hint the Fed plans to take any more action to help the economy.

Many traders had expected the Fed to put more money into the economy, which could weaken the value of the dollar and send gold prices higher.

Others said gold and silver had run up too far, too fast and just needed a correction.

Some analysts still look for higher gold prices in the years ahead.