Bullion Prices Retreat Further

by Bullion Prices Staff on January 25, 2011

U.S. bullion prices declined Tuesday as gold retreated to a three-month low and continued on its path to mark a monthly decline for the first time since August.

Gold futures prices fell $12.20, or 0.9%, to $1,332.30 an ounce on Comex division of the New York Mercantile Exchange. Prices had not closed lower since October 27.

"The improved economic outlook over the past weeks has dimmed gold’s appeal as safe-haven investment, but concerns about inflation may continue to support," analysts at Richcomm Global in Dubai said and were quoted on MarketWatch.

Gold reached an intraday low of $1,321.90 an ounce and a high of $1,338 an ounce. It is off 6% this year.

Other metals dropped further in percent terms. Palladium was hit the hardest, falling 3.9%. It closed down $31.80 to settle at $784.75 an ounce.

Silver came in second, falling 1.9%. It closed at $26.81 an ounce for a loss of 51.6 cents.

Platinum lost 1.8% as prices settle lower by $32.30 to close at $1,787.30 an ounce.

United States Mint bullion coin sales figures have remained the same since Friday. For a review of recent bullion and numismatic performances, read about the latest US Mint Sales.

January 2011 U.S. Mint Bullion Coin Sales
  Previous Daily Gain Daily Gain 2011 Totals
1 oz American Gold Eagle 0 0 80,500
1/2 oz American Gold Eagle 0 0 1,000
1/4 oz American Gold Eagle 0 0 2,000
1/10 oz American Gold Eagle 0 0 15,000
American Silver Eagle 0 0 4,724,000

Figures above are in coins, not ounces sold.

Earlier fixed London bullion prices fell as well. The London PM fixing for gold was $1,324 an ounce for a loss of $19, or 1.4%. Silver was $26.70 an ounce for a loss of 86 cents, or 3.1%. In PGM prices, palladium declined $30, or 3.7%, to $786 an ounce and platinum retreated $35, or 1.9%, to $1,787 an ounce.

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