Bullion 2010 Second Quarterly Prices: Gold, Silver and Platinum

by Bullion Prices Staff on June 30, 2010

U.S. gold prices edged higher on the final day in June, capping the seventh straight quarterly gain and rising the most in any quarter since the third one in 2007.

"Comex gold futures prices closed slightly higher Wednesday, as U.S. stock indexes held steady ground after strong selling pressure seen Tuesday. The stable stock markets in the U.S. and Europe did take away some near-term safe-haven buying allure from the gold market," noted Jim Wyckoff of Kitco News. "Still, the overall technical posture of the gold market remains fully bullish and the overall world economic and financial situation suggests safe-haven buying interest in gold will not abate any time soon," added Wyckoff.

Silver followed gold, rising 6.7% in the second quarter to string together a streak of six consecutive quarterly wins. Other metals fell during the prior three months, however, with platinum and palladium declining 6.7% and 7.4%, respectively.

In New York precious metals prices, August gold was $1,245.90 an ounce for a gain of $3.50 or 0.3%. It ranged from $1,235.10 to $1,248.80. Gold gained 2.5% in June, and 11.8% in the second quarter.

"Uncertainty is going to play in the hands of gold," Richard Ross, a technical analyst at Auerbach Grayson in New York, said on MarketWatch. "Gold should continue to be an over performer in the second half of the year … benefiting from uncertainty and risk appetite. As investors look for alternative to currencies, the bullish argument for gold is intact."

September silver closed to $18.708 an ounce, rising 7.3 cents or 0.4%. It gained 1.6% in June and 6.7% in the second quarter. October platinum ended at $1,537.30 an ounce, falling $17.80 or 1.1%. It declined 0.8% in June and plunged 6.7% for the quarter. And September palladium closed to $444.40 an ounce, falling $10.00 or 2.2%, to. It fell 4.1% in June and 7.4% in the second quarter.

In London bullion prices, the afternoon gold fix was $1,244.00 an ounce, gaining $9.50 or 0.8%.

"A mountain of sovereign debt in the Western world and growth concerns" are giving "rock-solid support" to gold, Filip Petersson, an analyst at Swedish bank SEB AB’s commodity unit, said on Bloomberg.

London silver was $18.740 an ounce, rising 17 cents or 0.9%. Platinum was $1,532.00 an ounce, falling $13.00 or 0.8%. And palladium was $446.00 an ounce for a loss of $17.00 or 3.7%.

For the month of June, gold advanced 3.0%, silver rose 1.1%, platinum fell 1.5%, and palladium plummeted 5.3%. For the quarter, gold jumped 11.5%, silver surged 7.1%, and platinum and palladium both fell 6.9%.

In United States Mint bullion coin sales since Tuesday, 1 oz 2010 American Gold Eagles rose by 8,500 and American Buffalo Gold coins added 1,000. Their latest tallies for the month and year follow:

U.S. Mint Bullion Coin Sales in June

June 2010 2010 Total
American Buffalo Gold 33,500 160,500
American Eagle Gold 1 oz 97,000 618,500
American Eagle Gold ½ oz 31,000 31,000
American Eagle Gold ¼ oz 44,000 44,000
American Eagle Gold 1/10 oz 280,000 280,000
American Eagle Silver 3,001,000 18,168,500


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