Gold for June delivery added 70 cents to settle at $1,557.10 an ounce at the Comex division of the New York Mercantile Exchange. After losing 2.5% to fall to $1,540.30, the metal rallied to $1,577. The spot gold price was down 72 cents, according to Kitco's gold index.
Silver prices for July were shedding $2.51 to settle at $46.08 an ounce, after plummeting 13%, bouncing off the $42.20 level. The U.S. dollar index reversed directions after an earlier rally and was losing 0.09% at $72.96. The U.S. dollar index was down almost 4% in April and still has yet to break below its record low of $71.
The selloff in gold and silver had been anticipated to some degree given the surge in prices. Both metals soared 8.92% and 28.72% in April, respectively, and many traders had been looking for an overbought correction.
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