Bullion Prices Rebound After Thrashing

by Bullion Prices Staff on November 11, 2010

U.S. precious metals prices rebounded Thursday, one day after gold declined modestly while silver, platinum and palladium plummeted. Gold recaptured $1,400 an ounce with a 0.3% increase. Silver prices handily returned to above $27 an ounce with their 2% increase. Platinum and palladium rose as well, posting respective gains of 0.5% and 1.1%.

In New York futures prices, December gold was $1,403.30 an ounce, rising $4. The yellow metal hit a low of $1,396.50 and a high of $1,417.60.

Silver futures prices for December delivery gained 54 cents to $27.405 an ounce. The metal fell the most in the previous day of trade, registering a 7.1% loss.

"Comex gold prices ended modestly higher Thursday as investors once again stepped in to "buy the dip" and do some bargain hunting after recent selling pressure. Gold and silver prices were able to hold gains Thursday despite a higher U.S. dollar index," said Jim Wyckoff of Kitco News.

"Precious metals were also supported Thursday on news that China’s inflationary pressures are heating up. China’s consumer price index increased 4.4%, on a yearly basis, in October. Recent data coming from China is suggesting the world’s largest nation is seeing a decent rebound in its economy–which means more demand for raw commodities."

In other New York bullion prices, January platinum rose $7.90 to $1,745.80 an ounce and December palladium ended up $7.40 to $704.15 an ounce.

The London bullion Fix price for gold was $1,398.50 an ounce, up $8 or 0.6%. The silver Fix was 22 cents, or 0.8%, higher at $27.75 an ounce, In PGM metals prices, platinum was $1,754 an ounce for a loss of $14, or 0.8%, while palladium declined $1, or 0.1%, to $715 an ounce.

In other bullion news, U.S. Mint bullion coin sales remained unchanged from their soaring Wednesday levels.

 

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