The London spot price for bullion was quoted at $284.30/80 compared with the late London fix at $284.25, and Monday's New York close at $284.30/80 an ounce.

Gold has spent the last week trading between $282.10 and $285.60 an ounce, after plummeting in a change of sentiment brought on by the threat of gold reserve sales by the International Monetary Fund to finance debt relief."The sentiment has definitely changed," said David Rinehimer, director of futures research with Salomon Smith Barney. "But there isn't anything new in the market. These sales have been in the picture for sometime."I think the market is undervalued at these levels, but not tremendously so," he added. "I think there's probably $10 left on the upside. But I'm certainly not wildly bullishon gold either."

COMEX May silver closed at $5.075 an ounce, down 3.5 cents, trading between $5.06 and $5.115 an ounce. Spot silver was quoted at $5.08/11 an ounce compared with the London fix at $5.095 and Tuesday's New York close at $5.11/13. Silver traders are divided over the market's next move. Bulls note that the market has failed to settle below $5.00 after four attempts last week. Others, however, note a stair-step pattern heading lower, with the next downside target being the lifetime low of $4.72 an ounce. NYMEX April platinum was $373.10 an ounce, down $2.90, while June palladium was $355.50 an ounce, down 25 cents.