Bullion Prices Rally for Week, but Decline on Friday

by Bullion Prices Staff on March 25, 2011

U.S. bullion prices registered healthy weekly gains despite dipping on Friday. Gold and silver were pressured for the day, opined analysts, by a stronger U.S. dollar and profit taking.

AprilĀ gold futures prices ended down $8.70, or 0.6%, to $1,426.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold briefly reached a new record high of $1,448.60 an ounce on Thursday. However, it could not sustain the momentum and closed Thursday with a modest loss, breaking away from a string of six straight winning sessions. That was another factor cited for lower prices on Friday.

"After the key technical reversal yesterday, when we could not turn around and blow through the record high, everybody started heading for the door at the same time," said Frank McGhee, head precious metals trader of Integrated Brokerage Services, according to Reuters.

May silver futures prices on Friday fell from a 31-year high reached on Thursday, which broke a string of five straight session gains. Silver ended down 32.6 cents, or 0.9%, to $37.05 an ounce.

In PGM futures prices, June palladium fell $1.85, or 0.2%, to $750.40 an ounce and April platinum declined $14.40, or 0.8%, to $1,745.60 an ounce.

Increase for the week came in at 0.7% for gold, 5.7% for silver, 2.6% for palladium and 1.3% for platinum.

While weekly gains fell significantly short of spectacular, U.S. Mint bullion coins enjoyed nearly sweeping increases. The exception was the 1/2 oz American Eagle Gold. Its March sales total has been stuck at 4,000 since the 8th. Each of the other bullion Gold Eagles rose 10,000 for the week. The Silver Eagle advanced the same 700,000 as the previous week. The Gold Buffalo picked up 9,000 since last Friday.

On the U.S. Mint numismatic front, Medal of Honor coin prices will be raised after 5 p.m. ET on Monday.

Daily, March and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
  March
2011
Weekly
Gain
2011
Totals
1 oz American Gold Buffalo 35,000 9,000 35,000
1 oz American Gold Eagle 50,000 10,000 253,000
1/2 oz American Gold Eagle 4,000 0 17,000
1/4 oz American Gold Eagle 20,000 10,000 38,000
1/10 oz American Gold Eagle 35,000 10,000 155,000
American Silver Eagle 2,117,000 700,000 11,779,000

Figures above are in coins, not ounces sold.

In returning to bullion prices, earlier fixed London PM precious metals prices declined when compared against their PM fixing prices on Thursday, but they were higher than a week ago.

  • Gold lost $11, or 0.8%, to $1,436 an ounce
  • Silver declined 10 cents, or 0.3%, to $37.68 an ounce
  • Palladium fell $4, or 0.5%, to $754 an ounce
  • Platinum was lower by $10, or 0.6%, to $1,752 an ounce

Weekly gains were 1.1% for gold, 7.2% for silver, 3.7% for palladium and 1.9% for platinum.

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