Bullion Prices Mixed in August 2010

by Bullion Prices Staff on August 31, 2010

U.S. precious metals prices were mixed on the final trading day in August and during the month itself. Gold prices finished above $1,250 an ounce — its highest level in eight weeks, rising 0.9% for the day and surging 5.6% for the month. Gold fell 5% in July.

Silver’s rally was more pronounced, gaining 1.9% for the day to close at a three-month high and advancing 7.9% in August in contrasts to a 3.8% decline in July. In daily and monthly prices, palladium was higher as well, but platinum edged lower for both.

In New York bullion prices, gold futures for December delivery rose $11.10 to end at $1,250.30 an ounce. Its intraday low was $1,233.50 while its high was $1,251.00.

"December Comex gold futures hit a fresh two-month high and closed at a significantly bullish monthly high close on Tuesday. Fresh speculative and technical related buying interest, and some safe-haven buying, were featured Tuesday," noted Jim Wyckoff of Kitco News. "A weaker U.S. dollar index added to the buying interest in gold Tuesday. Worries about the Tuesday afternoon FOMC meeting minutes that could show additional Federal Reserve concern about U.S. economic weakness also prompted some fresh safe-haven buying interest in gold."

Silver for September delivery closed to $19.432 an ounce, advancing 35.8 cents.

In PGM metals, October platinum declined to $1,523.50 an ounce for a daily loss of $9.60 or 0.6%, and a monthly loss of 3.4%. It gained 2.6% in July. December palladium advanced Tuesday by $1.75 or 0.3% to $501.85 an ounce. It inched up 0.4% in August after soaring 12.5% in July.

In London bullion weekly prices, the gold fix was $1,246.00 an ounce, rising $11.00 or 0.9%. The price rose 6.6% in August.

"The gold market has seen very strong alternative asset demand throughout the month of August. There is just a great level of uncertainty surrounding the economy going forward, and gold is continuing its role as the currency of choice," Bill O’Neill, partner at New Jersey-based commodities firm LOGIC Advisors, said and was quoted on Reuters.

London silver was $18.870 an ounce for a daily loss of 16 cents or 0.8%. It jumped 6.9% in August. Platinum was $1,515.00 an ounce, down $15 or 1%. It fell 2.6% in August. Palladium was $494.00 an ounce, falling $9 or 1.8%. It gained 1.4% in August.

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