NEW YORK ( TheStreet ) -- Gold prices were recovering Thursday after Wednesday's swoon resulted in the worst single-session loss in three years. Gold for April delivery was rising $6.40 to $1,717.70 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,726.40 and as low as $1,695.10 an ounce, while the spot price was gaining $19.80, according to Kitco's gold index. Silver prices were gaining 39 cents to $35.04 an ounce while the U.S. dollar index was falling 0.05% at $78.779.
Gold market analysts spent much of the morning taking stock of Wednesday's selloff. "The massacre was attributed to a host of different reasons -- from month end book squaring, to the positive PMI numbers to Bernanke's suggestion that ultra loose monetary policies may soon come to an end," read a report from bullion dealer GoldCore. "None of these reasons would justify the scale of the massive sell offs seen in gold and silver yesterday. Gold and silver markets saw massive sell orders from large institutional sources -- as only large institutions selling could have caused a price falls of the magnitude seen yesterday. There were highly speculative unsourced rumors of an Asian fund selling gold and rumors of a single bullion sale of 31 tonnes or some 1 million ounces by an unnamed seller." Regardless of the triggers, investors were examining gold in a new light on Thursday. "Yesterday's turbulence will take some digestion and absorption," said George Gero, precious metals strategist with RBC Wealth Management. "Central Bankers usually do not favor gold, tend to talk it down, so today's jobless claims figures were once again helpful. Less quantitative easing-3 talk, and so gold buyers are becoming cautious." Mining stocks were modestly higher Thursday. Among the biggest gainers were Jaguar Mining ( JAG), up 2.9% to $6.34, and Goldcorp ( GG), adding 2% to $49.50. First Majestic Silver ( AG), was gaining 2% to $20.87, and Freeport-McMoRan ( FCX) was up 1.9% to $43.37. -- Written by Ross Tucker in New York. >To contact the writer of this article, click here: Ross Tucker. >To follow the writer on Twitter, go to http://twitter.com/rosstucker. >To submit a news tip, send an email to: email@example.com.