Bullion Prices End Higher First Week of March 2010

by Bullion Prices Staff on March 6, 2010

Precious metals marked gains during much of the first week of March. Silver was the biggest winner, soaring 5.2% in New York and 7.0% in London. Greece debt issues were back on the burner again, yanking the euro and dollar around. The resulting currency movements proved to be beneficial to gold, as the yellow metal hit highs not seen since mid January.

For New York metals weekly prices, gold for April delivery advanced $16.30, or 1.5%, to end Friday at $1,135.20 an ounce. May silver surged 86 cents to $17.382 an ounce. Platinum for April delivery finished higher by $39.20, or 2.5%, to $1,579.10 an ounce.

For London bullion weekly prices, gold was fixed Friday at $1,135.00 an ounce, which was an increase of $26.75, or 2.4%, on the week. Silver soared $1.13, or 7.0%, to $17.25 an ounce. Platinum ended at $1,578.00 an ounce for a $45.00, or 2.9%

"Investors want to hold a currency that’s going to maintain its value," Frank Lesh, a trader at FuturePath Trading LLC in Chicago, said on Bloomberg. "Gold is a part of the currency crosses now. The international currency is gold."

"The shift in sovereign risk away from Greece on Friday has helped support gold, and risk appetite is higher because of the better-than-expected job number," James Steel, chief commodities analyst at HSBC, said on Reuters.

"Owing to concerns over the fiscal deficit of several European countries, gold is likely to remain in high demand as a safe haven," analysts at Commerzbank said in a note cited on MarketWatch.

New York crude-oil for April delivery jumped $1.29, or 1.6%, to close to $81.50 a barrel. Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar — that did not always happen this week.

To follow are silver, gold and platinum performance charts, and recent bullion coin news article summaries.

London Fix Weekly Bullion Prices

(February 26 – March 5)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
7.0%
$1.13
$17.25
Gold
X
 
2.4%
$26.75
$1,135.00
Platinum
X
 
2.9%
$45.00
$1,578.00

 

(February 19 – 26)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
1.1%
$0.17
$16.12
Gold
 
X
-0.4%
-$4.50
$1,108.25
Platinum
X
 
1.3%
$20.00
$1,533.00

 

US Mint Gold and Silver Coin Weekly News

In related bullion, business and United States Mint news, interesting or quick-read articles from the week include:

  • US Mint Ships 84,000 Gold Eagles in February
    The latest United States Mint bullion coin sales figures have been released and the stats show authorized buyers purchased 84,000 American Eagle Gold coins during February 2010, which was 1,000 less than the prior month. Atypical from other years is that the tally includes both 2009 and 2010-dated coins. This year was the first time in the U.S. Mint’s history of selling the gold coins that a current year’s eagles were not offered during the first week of January. Exceptional demand for the eagles in 2009 resulted in a delayed release of 2010s …

  • US Disabled Veterans Silver Coins Jump
    American Eagle bullion coins improved greatly. The Silver Eagles had not moved for a full seven days in the last report. The pace picked up and they have since advanced another 1.25 million. Year-to-date sales for the one-ounce coins are at 6,067,500. Gold Eagles stood out as well. They nearly doubled the prior weekly increase. Numbers increased by 30,000 to 181,000 for the year …

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