Bullion Weekly Prices Surge in April Start

by Bullion Prices Staff on April 3, 2010

US gold, silver and platinum surged to start April and end a holiday-shortened week. A weakened dollar, stronger physical demand and soaring oil prices were among the cited catalysts in lifting metals. New York crude oil for May delivery on Thursday jumped $1.11, or 1.3%, to $84.87 a barrel, soaring 6.1% for the week. Gold tends to follow oil and move inverse of the greenback.

In New York metals weekly prices, June gold rose $21.80, or 2.0%, to end at $1,126.10 an ounce. Silver for May delivery closed to $17.89 an ounce, surging 98 cents, or 5.8%. July platinum ended up $79.60, or 5.0% to $1,675.60 an ounce.

On Wednesday, gold closed March to register a decline 0.4% for the month. Yet, it marked a sixth straight quarterly gain with a 1.7% increase.

"The higher quarterly close is important technically and shows momentum and the medium- and long-term trend remain upward," Mark O’Byrne, the executive director of broker GoldCore Ltd. in Dublin, said on Bloomberg. "The slow, steady and gradual rise of gold in recent quarters also contradicts the commonly held view that gold is a speculative bubble."

In London bullion weekly prices, the gold fix was $1,123.50 an ounce for a gain of $27.00, or 2.5%. Silver soared 84 cents, or 5.0% to $17.69 an ounce. Platinum settled up $64.00, or 4.0%, to $1,660.00.

For March, London gold advanced 0.7%, silver soared 8.6% and platinum surged 7.3%. During the first quarter, gold rose 1.0%, silver climbed 3.0% and platinum jumped 12.2%.

Gold is "benefiting from the beginning of the quarter with new fund money and fresh buying coming in," Jesper Dannesboe, senior commodity strategist at Societe Generale, said on Reuters. "Also increasing is the number of investors and speculators thinking that ‘the base metals are going higher so maybe there’s some upside in gold’."

"Fresh fund buying to start the new month and new quarter was featured Thursday," wrote Jim Wyckoff of Kitco News."A lower U.S. dollar index and higher crude oil prices again supported buying interest in the precious metals Thursday. Gold also continues to see good physical demand, especially from China."

To follow are silver, gold and platinum performance charts, oil news, week-ending stocks, and precious metal article summaries.

London Fix Weekly Bullion Prices – April 2010

(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

 

(March 19 – 26)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-2.7%
-$0.46
$16.85
Gold
 
X
-0.8%
-$9.00
$1,096.50
Platinum
 
X
-1.3%
-$21.00
$1,596.00

 

US Mint Gold and Silver Coin Weekly News

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

  • American Silver Eagle Coins Cap U.S. Mint Quarterly Sales Record
    2010 American Silver Eagle bullion coins surged during the start and toward the end of March, capping the best United States Mint quarterly sales since the coin series debuted in 1986.

    The latest sales figures, however, do not bode well for 2010-dated collector proof and uncirculated versions of the Silver Eagles. Collector coins carry the "W" mint mark, which is unlike the bullion versions that are available now and must be produced by the U.S. Mint in quantities to meet public demand. As long as that demand remains at unprecedented levels, this year’s collector options are at risk of cancellation as happened to the 2009s …

  • US Mint Sales: Boy Scouts Silver Dollars Blast Off
    The latest batch of United States Mint weekly sales data includes the first official reporting of the rocketing 2010 Boy Scouts of America Centennial Silver Dollars.

    The BSA coins launched on March 23, 2010, and were an immediate hit, blasting off with 200,000 sold within the first four days. The latest US Mint sales report shows that as of Sunday, March 28, the coins have reached 214,673. Collectors purchased 144,732 proofs and 69,941 uncirculated dollars.

    With a touch over 61% of the total allotted 350,000 mintage already purchased within a single week, it would appear these coins are headed for a sell out.

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