SAN FRANCISCO (MarketWatch) — Precious metals pared their losses Thursday, with gold ending higher and silver trimming its slide as the U.S. dollar turned lower against other major currencies.

Silver for July delivery SIN11 retreated 72 cents to $34.80 an ounce on the Comex division of the New York Mercantile Exchange. The metal had tumbled 7.7% in the previous session.

Gold for June delivery GCM11 added $5.40, or 0.4%, to end at $1,506.80 an ounce.

$34 billion to go from U.S. to rebels?

Many of the relative newcomers to metals trading are still trying to unload their positions, making any rebounds likely short-lived, said James Cordier, a portfolio manager with Optionsellers.com in Florida.

“The market sentiment has changed dramatically,” he said. With the second round of asset-purchasing programs ending, “the dollar is not going to be everyone’s favorite go-short trade,” Cordier added.

The declines in metals futures came as the U.S. dollar gained against its major rivals, extending Wednesday’s run. But later in the day the dollar index DXY, -0.09% turned lower. Most recently, it traded at 75.191, compared to 75.259 late Wednesday.

Dollar strength usually weighs on dollar-denominated commodities because it makes them more expensive for holders of other currencies.

Reuters

Meanwhile, U.S. stocks and oil also shook off initial weakness. Oil’s June contract added 73 cents to $99.95 a barrel, turning higher about midway through floor trading. Read more about oil.

Metals prices have surged this year, with gold reaching records and silver hitting 31-year highs. Before the correction that started last week, silver had gained about 60% in 2011. Gains are currently at 12%.

Other metals also gained Thursday. Copper for July delivery HGN11 added 6 cents, or 1.5%, to $3.97 a pound. Palladium for June delivery PAM11 added $1.45, or 0.2%, to $716.85 an ounce.

Platinum tracked silver, with the July contract PLN11 down $6.80, or 0.4%, to $1,771 an ounce.