Gold surges 2.5 percent in New York

27 Apr, 2013

Gold surged 2.5 percent on Thursday, its biggest daily rise since June, as physical buyers kept scooping up the metal at prices viewed as a bargain after bullion hit a two-year low on April 15. Silver rallied 5 percent during the session, and platinum group metals gained 2 percent.
Bullion has now retraced about half of its losses after it fell a combined $225 an ounce over two days in April. "It was due for a bounce after that devastating move earlier in the month," said Sean McGillivray, head of asset allocation at Great Pacific Wealth Management. During the session, spot gold hit a 10-day high of $1,468.60 an ounce. It was at $1,465.75 an ounce by 2:55 pm EDT (1955 GMT), up 2.4 percent for the session and around 11 percent above a two-year low of $1,321.35 hit last week.
US gold for June delivery settled up $38.30 at $1,462 an ounce, with trading volume on track to finish around 20 percent below its 30-day average, preliminary Reuters data showed. Silver rose 5.1 percent to $24.27 an ounce. Among platinum group metals, platinum gained 2.8 percent at $1,465.50 an ounce and palladium was up 2 percent to $678.75 an ounce.

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