New York precious metals bounce, end up from week's lows

New York precious metals settled higher on Friday on bargain hunting after being pummelled to oversold terrain in this week's sell-off, but robust US durable goods data that boosted the dollar capped gains.
Gold was lifted from a prior 7-week low and silver rose from a 2-1/2-month nadir after chart supports held previously, while platinum group metals also recovered some lost ground.
"We held nicely yesterday. The market's been a little oversold and fund buying in London helped bring us up," a metals bullion trader in New York said.
Comex June gold futures rose $1.80 to end at $395.70 an ounce, within a range of $393.20 to $397.10.
Cheaper metal prices prompted physical buying overnight in Asia and light renewed fund interest as well after futures held above support at $390 an ounce on Thursday.
But the dollar's advance on Friday after the US March durable goods report showed a strong increase of 3.4 percent, above expectations for a 0.8 percent rise, slowed buying in hard assets like precious metals.
The goods data reinforced the view that the US economic recovery is on solid footing, lifting the greenback. A firmer dollar usually dents overseas demand for gold.
"The durable goods data brought gold down a little, but the market thought it was a buy-on-the-dips type of scenario, so it held," said a trader.
Comex gold this month hit a 15-year high at $433 an ounce. It put in a low on Thursday at $390.20.
Spot gold was last quoted at $394.85/5.35 an ounce, versus its previous New York close at $392.80/3.55. In London, on Friday's afternoon fix was at $394.50.
May silver rose 13.5 cents, or 2.2 percent to $6.163 an ounce, in trade between $6.05-$6.205. Prices strengthened after support at around $6 an ounce held on Thursday. Spot rose to $6.15/18 from $6.01/6.04 at the last close. On Friday's fix was at $6.19.
Bottom picking boosted Nymex platinum and palladium prices after a three days of ruthless selling, traders said.
July platinum gained $6.20 to $842.50 an ounce. Spot platinum was quoted at $846/851.
June palladium rose $7.05 to $280.85 an ounce. Spot edged to $276/281. Comex is a division of the New York Mercantile Exchange.