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Silver Prices Climb Above $11 an Ounce on Comex; Gold Rebounds

Silver Prices Climb Above $11 an Ounce on Comex; Gold Rebounds

March 29 (Bloomberg) -- Silver prices in New York rose above $11 an ounce for the first time since September 1983, and gold climbed, erasing earlier losses.

Silver futures for May delivery jumped 18 cents, or 1.7 percent, to $11.05 an ounce at 11:22 a.m. on the Comex division of the New York Mercantile Exchange. Prices earlier reached $11.09, extending the rally to a 22-year high. Before today, the precious metal had gained 56 percent in the past year.

Gold for April delivery climbed $1.30, or 0.2 percent, to $568.30. Prices earlier fell as much as 1.2 percent. Before today, the metal had gained 33 percent in the past year.

To contact the reporter on this story:
Patrick McKiernan in New York at [e-mail]


LINK: http://www.bloomberg.com/apps/news?pid=10000103&sid=aVpikZ3vyj9Q&refer=us