Bullion Prices Dip, Mint Bullion Coins Gain

by Bullion Prices Staff on February 10, 2011

U.S. bullion prices declined Thursday. Platinum fell 1.5%, but losses in other metals were limited. Gold ended down just 0.2%, silver dipped 0.6% and palladium stepped back 0.7%.

By day’s close, April gold prices settled to $1,362.50 an ounce on the Comex division of the New York Mercantile Exchange. That marked a loss of $3. Its range for the day was between $1,351.40 and $1,366.80.

"The U.S. dollar index traded solidly higher Thursday, in the wake of a dollar-bullish big decline weekly jobless claims and on a short-covering bounce in a market that is still overall technically bearish. The overall technically bearish posture of the U.S. dollar index still favors the gold market bulls," noted Jim Wyckoff of Kitco News.

"News reports Thursday morning that Egyptian president Mubarak is imminently stepping down did support some safe-haven buying interest in gold. The uncertainty of what happens next in the Egyptian crisis did prompt some safe-haven demand for gold."

March silver fell 18.2 cents to $30.09 an ounce. March palladium closed to $820.90 an ounce, falling $5.55. April platinum declined $28.60 to finish at $1,830.80 an ounce.

U.S. Mint Gold and Silver Eagle bullion coins gained Thursday. The daily, February and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 25,500 2,500 156,000
1/2 oz American Gold Eagle 0 0 1,000
1/4 oz American Gold Eagle 2,000 0 4,000
1/10 oz American Gold Eagle 5,000 0 25,000
American Silver Eagle 937,000 40,000 7,359,000

Figures above are in coins, not ounces sold.

In earlier PM London bullion prices, the gold Fix was $1,353.25 an ounce, which was $11.75, or 0.9%, lower than the PM Fix on Wednesday. Silver retreated 42 cents, or 1.4%, with its fixing at $29.80 an ounce. In London PGM metals, palladium declined $13, or 1.6%, to $822 and platinum fell $27, or 1.5%, to $1,831.

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