Gold Regains Some Lost Ground After Plunge

by Christopher Freeburn | April 16, 2013 4:26 pm

Gold Silver GLD IAU SLV[1]In the wake of yesterday’s steep sell-off, Gold rebounded modestly in Tuesday trading. A BlackRock analyst said that the metal might have been oversold and its value could rise in the face of increasing inflation and more gold-buying by central banks.

Gold futures for May delivery climbed 1.9% to $1,386.80 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,402.90 and as low as $1,322.10. Gold bullion closed in London at $1,368, according to BullionVault[3].

Silver futures for May delivery rose 1.1% to $23.63 per ounce. Tuesday’s high for silver was $23.98, while the low was $22.

Gold and silver funds advanced in Tuesday trading.

Gold and silver mining ETFs were mixed during the day.

Gold mining shares were also mixed on Tuesday.

Silver mining shares retreated during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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