Daily Gold Update

Source: Marketwatch

San Francisco— Precious metals pared their losses Thursday, with gold ending higher and silver trimming its slide as the U.S. dollar turned lower against other major currencies. Silver for July delivery retreated 72 cents to $34.80 an ounce on the Comex division of the New York Mercantile Exchange. The metal had tumbled 7.7% in the previous session. Gold for June delivery added $5.40, or 0.4%, to end at $1,506.80 an ounce.

Many of the relative newcomers to metals trading are still trying to unload their positions, making any rebounds likely short-lived, said James Cordier, a portfolio manager with Optionsellers.com in Florida. �The market sentiment has changed dramatically,� he said. With the second round of asset-purchasing programs ending, �the dollar is not going to be everyone�s favorite go-short trade,� Cordier added. The declines in metals futures came as the U.S. dollar gained against its major rivals, extending Wednesday�s run. But later in the day the dollar index turned lower. See full story.