Gold Rises on Signs Drop Yesterday to One-Month Low Was Overdone

By Pham-Duy Nguyen - Mar 16, 2011 11:04 AM MT

BLOOMBERG

Gold rose in New York amid speculation that yesterday’s decline to a one-month low was overdone.

The metal dropped 2.3 percent yesterday following a slump in equities and commodities. Japanese stocks rose today for the first time in five days as the nation attempts to prevent a nuclear disaster following last week’s deadly earthquake and tsunami.

“Some of the panic-selling that we saw yesterday is subsiding,” said Matt Zeman, a market strategist at Kingsview Financial in Chicago. “The commodity’s bull run is not over, and people are looking to buy gold on dips.”

Gold futures for April delivery rose $3.30, or 0.2 percent, to settle at $1,396.10 an ounce at 1:39 p.m. on the Comex in New York. Yesterday, the price touched $1,380.70, the lowest since Feb. 17. Gold reached a record $1,445.70 on March 7.

Silver futures for May delivery rose 33.5 cents, or 1 percent, to $34.472 an ounce on the Comex. Yesterday, the price fell as much as 6.3 percent to $33.565. The metal has almost doubled in the past year.

Palladium futures for June delivery climbed 15 cents to $705.05 an ounce on the New York Mercantile Exchange. Platinum futures for April delivery fell $5.10, or 0.3 percent, to $1,700.50 an ounce on the Nymex.

To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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