Bullion Prices Rally, Marking Weekly Gains in New York

by Bullion Prices Staff on April 24, 2010

Precious metals recovered from last week’s losses, with gold futures rallying in the U.S. as the dollar fell against the euro for the first time in seven days. Gold usually moves opposite to the greenback.

Other metals followed the yellow metal, with the exception of platinum and palladium. While retreating Friday, the two registered weekly gains in New York, however. Palladium rose the most at 5.9% — its forth straight increase.

In New York metals weekly prices, June gold closed to $1,153.70 an ounce, rising $16.80, or 1.5%.

"Gold is inextricably connected to the currency story," Kevin Davitt, a senior market strategist at LaSalle Futures Group in Chicago, said on Bloomberg. "Gold is firming because the dollar is off its highs, and the euro has rebounded from its lows."

May silver advanced to $18.192 an ounce, gaining 52 cents, or 2.9%. July platinum ended at $1,741.70 an ounce, adding $46.40, or 2.7%. June palladium rallied $31.35 to $563.20 an ounce.

"If there is a (Greece) bailout, the euro will rise and gold will rise in dollars, and if the situation gets worse, we will see gold under pressure," VM Group analyst Matthew Turner, said via Reuters.

"But in the medium term, this uncertainty is good for gold, even though it is bad for the euro. As there doesn’t seem to be a quick solution to the problem, it is something that will keep gold supported over the rest of the year."

In weekly London bullion prices, gold was fixed to $1,139.50 an ounce, declining $12.00, or 1.0%. In white metals, silver declined 46 cents, or 2.5% to $17.890 an ounce. Platinum settled at $1,725.00 an ounce, adding $17.00, or 1.0%. Palladium gained $23.00, or 4.3% to $555.00.

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

London Fix Weekly Bullion Prices – April 2010

(April 16 – 23)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-2.5%
-$0.46
$17.890
Gold
 
X
-1.0%
-$12.00
$1,139.50
Platinum
X
 
1.0%
$17.00
$1,725.00
Palladium
X
 
4.3%
$23.00
$555.00

 

(April 9 – 16)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.1%
$0.01
$18.35
Gold
 
X
-0.1%
-$1.00
$1,151.50
Platinum
 
X
-0.6%
-$10.00
$1,708.00
Palladium
X
 
4.1%
$21.00
$532.00

 

(April 1 – 9)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.7%
$0.65
$18.34
Gold
X
 
2.6%
$29.00
$1,152.50
Platinum
X
 
3.5%
$58.00
$1,718.00
Palladium
X
 
4.1%
$20.00
$511.00

 

(March 26 – April 1)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
5.0%
$0.84
$17.69
Gold
X
 
2.5%
$27.00
$1,123.50
Platinum
X
 
4.0%
$64.00
$1,660.00

Gold and Silver Weekly Coin News

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

  • 2010 US Mint Coin Sales — New to this week’s US Mint sales report are debuting numbers for the just released 2010 Presidential $1 Coin Uncirculated Set, commemorative figures that show strong demand for Boy Scouts coins, and an update for 2010 Lincoln Cent two-roll sets that were issued less than two weeks ago.

    The $25 price increase last week for First Spouse Gold Coins was not helpful to the series. As a group, sales advanced 588 versus the previous 1,238.

In U.S. money news of the week:

  • Government officials unveiled the newly designed $100 bill on Wednesday. The note will enter circulation in February of next year and includes enhanced security features, like a blue 3-D Security Ribbon and a special inkwell bell that changes color and appears to disappear when titled.
  • The U.S. Mint issued the inaugural coin in the America the Beautiful Quarters series on Monday. The Hot Springs National Park quarter was ceremonially released on Tuesday at a special event for the park’s 178th anniversary. Next up for this year is the Yellowstone National Park Quarter due out in early June and the Yosemite National Park Quarter following in July. Then in September the Grand Canyon National Park Quarter debuts. The Mount Hood National Forest Quarter rounds out this year’s quarter issues in November.

{ 0 comments… add one now }

Leave a Comment

Previous post:

Next post: