U.S. bullion prices rose in unison Thursday, with gold rebounding to a fresh eight-week high and above $1,250 an ounce. A weaker dollar and safe-haven buying were noted catalysts. Investors are sitting on pins and needles waiting on Friday’s jobs report.

"The U.S. dollar index was trading lower Thursday, pressured in part by some better economic news coming out of the European Union that did support the Euro currency. The greenback bulls are fading this week. Further weakness in the U.S. currency will continue to attract buying interest in the precious yellow metal," noted Jim Wyckoff of Kitco News.

"U.S. economic data out Thursday had little price impact on the gold market. Precious metals traders are anxiously awaiting Friday’s U.S. employment report, which is expected to show the key non-farm payrolls figure to be down 123,000 in August, following a decline of 131,000 jobs in July. The unemployment rate is forecast to come in at 9.6% from the July reading of 9.5%. Gold would likely get a price boost if the jobs report shows significantly more weakness than expected, and would likely be pressured by a stronger-than-expected jobs reading."

In New York bullion prices, gold futures for December delivery closed to $1,253.40 an ounce for a pick up of $5.30 or 0.4%. Gold’s lowest intraday point was $1,245.30 while its highest level was $1,255.20.

Silver for September delivery ended at $19.672 an ounce, gaining 27.9 cents or 1.4%. In other metals, October platinum was $1,551.50 an ounce for an increase of $15.80 or 1% while December palladium was $525.25 an ounce for an increase of $5.15 or 1%.

In London bullion prices, the gold fix was  $1,248.50 an ounce for a modest advance of $2.00 or 0.2%. London silver came in at $19.450 an ounce for a loss of 2 cents or 0.1%.

In PGM metals, platinum was $1,550.00 an ounce, which was $19.00 or 1.2% higher while palladium was $521.00 an ounce for a gain of $1.50 or 0.3%.

In United States Mint gold coin news, the U.S. Mint issued Buchanan’s Liberty Gold Coins at noon ET on Thursday. The .9999 fine gold pieces are the 16th in a series which began in 2007. Buyers may purchase the 1/2 oz gold proof coins for $779 and the 1/2 oz uncirculated gold coins for $766. The prices may change weekly based on the prevailing cost of gold.

In bullion coins, the Mint has still not reported any sales for September, although it is likely orders were placed.

U.S. precious metals prices were mixed for another day on Wednesday, with gold and silver falling slightly while platinum and palladium advanced. Gold’s decline was attributed to some profit taking and a riskier investing environment following the release of better-than-expected manufacturing data in the U.S. and China.

Comex gold futures closed slightly lower Wednesday on a profit-taking pullback after hitting another fresh two-month high early on. A rallying U.S. stock market amid some better risk appetite among investors did pull some buying interest away from gold," noted Jim Wyckoff of Kitco News.

"The U.S. stock indexes posted solid rallies Wednesday following a better-than-expected ISM reading on the U.S. manufacturing sector. Solidly lower U.S. Treasury bond and note futures prices also supported the notion that investor risk appetite did increase Wednesday. Still, the months of September and October have historically seen more turbulence in the stock, financial and currency markets, which is an underlying supportive factor for gold."

In New York bullion prices, gold futures for December delivery ended at $1,248.10 an ounce for a loss of $2.20 or 0.2%. It hit a low of $1,244.10 and a high of $1,256.60 — the best price in two months.

In other metals, silver was $19.393 an ounce for a loss of 3.9 cents or 0.2% while platinum was $1,535.70 an ounce for a pick up of $12.20 or 0.8%, and palladium was $520.10 an ounce for an increase of $18.25 or 3.6%.

In London bullion weekly prices, the gold fix was up 50 cents to $1,246.50 an ounce. Silver was $19.470 an ounce for a gain of 60 cents or 3.2%. Platinum was $1,531.00 an ounce, which was $16 or 1.1% higher. And palladium was $519.50 an ounce for an increase of $25.50 or 5.2%.

In U.S. Mint news, on Thursday the Mint will release 24 karat Buchanan’s Liberty Coins. Prior to their launch, it is expected that it will stop selling Sarah Polk Gold Coins.

On the bullion front, the Mint is yet to report any bullion coin sales for September.

U.S. precious metals prices were mixed on the final trading day in August and during the month itself. Gold prices finished above $1,250 an ounce — its highest level in eight weeks, rising 0.9% for the day and surging 5.6% for the month. Gold fell 5% in July.

Silver’s rally was more pronounced, gaining 1.9% for the day to close at a three-month high and advancing 7.9% in August in contrasts to a 3.8% decline in July. In daily and monthly prices, palladium was higher as well, but platinum edged lower for both.

In New York bullion prices, gold futures for December delivery rose $11.10 to end at $1,250.30 an ounce. Its intraday low was $1,233.50 while its high was $1,251.00.

"December Comex gold futures hit a fresh two-month high and closed at a significantly bullish monthly high close on Tuesday. Fresh speculative and technical related buying interest, and some safe-haven buying, were featured Tuesday," noted Jim Wyckoff of Kitco News. "A weaker U.S. dollar index added to the buying interest in gold Tuesday. Worries about the Tuesday afternoon FOMC meeting minutes that could show additional Federal Reserve concern about U.S. economic weakness also prompted some fresh safe-haven buying interest in gold."

Silver for September delivery closed to $19.432 an ounce, advancing 35.8 cents.

In PGM metals, October platinum declined to $1,523.50 an ounce for a daily loss of $9.60 or 0.6%, and a monthly loss of 3.4%. It gained 2.6% in July. December palladium advanced Tuesday by $1.75 or 0.3% to $501.85 an ounce. It inched up 0.4% in August after soaring 12.5% in July.

In London bullion weekly prices, the gold fix was $1,246.00 an ounce, rising $11.00 or 0.9%. The price rose 6.6% in August.

"The gold market has seen very strong alternative asset demand throughout the month of August. There is just a great level of uncertainty surrounding the economy going forward, and gold is continuing its role as the currency of choice," Bill O’Neill, partner at New Jersey-based commodities firm LOGIC Advisors, said and was quoted on Reuters.

London silver was $18.870 an ounce for a daily loss of 16 cents or 0.8%. It jumped 6.9% in August. Platinum was $1,515.00 an ounce, down $15 or 1%. It fell 2.6% in August. Palladium was $494.00 an ounce, falling $9 or 1.8%. It gained 1.4% in August.

U.S. precious metals prices advanced this week. Gold rose the least in percent terms — silver and palladium were on fire, but its winning streak is the longest of the metals with four straight weekly gains. Safe-haven buying brought on by economic uncertainties continued to lift gold prices, with silver benefiting as a cheaper investment alternative.

In New York bullion prices, gold futures for December delivery finished Friday at $1,237.90 an ounce, edging 20 cents higher. Gold rose $9.10 or 0.7% for the week.

"Investors don’t have a firm grasp of what’s going on with the economy and that breeds confusion and supports gold," Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago said and was cited on Bloomberg.

New York silver for September delivery closed at $19.039 an ounce, rising 5.7 cents. It led precious metals with a 5.8% weekly gain, up $1.05 since last Friday.

"Much of silver’s recent rally is due to expanding investor interest, as registered by rising CME volumes and options-related buying – but there’s also been a notable increase in ETF buying," Edel Tully, UBS precious metals strategist, said in a daily report on Thursday. "We are positive toward silver this year, and see potential for it to gain as the ‘poor man’s gold’, a cheap alternative to the primary safe-haven asset," she added.

In other New York metals futures prices, October platinum declined $2.90 to close at $1,537 an ounce but still gained $23.10 or 1.5% for the week, while September palladium advanced 55 cents to $503.05 an ounce, rallying $26.85 or 5.6% for the week.

In London bullion prices, gold was fixed to $1,235 an ounce for a weekly increase of $11.50 or 0.9%. Silver was $19.03 an ounce, ending 89 cents or 4.9% higher for the week. Finally, in PGM metals, platinum was $1,530 an ounce for a gain of $18 or 1.2% while palladium was $503 an ounce for a weekly advanced of $25 or 5.2%.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent United States Mint gold and silver coin news (bullion and numismatic):

• National Park Silver Bullion Coins
  United States Mint expects that it will begin producing 2010 National Park and Site Silver Bullion Coins later this fall. The U.S. Mint had never announced launch dates for each coin, but earlier in the year expectations were more in line with a late summer release for the first issue, with the others staggered later …

• US Mint Sales: Silver Eagles Jump
  Demand for United States Mint products skyrocketed compared to recent weeks. Collectors went after sets, coins, and bullion. Maybe it was the time of the year or it was the change in precious metals prices, but whatever the reason, sales jumped according to the latest round of the United States Mint weekly data …

• Gold Demand Jumps in Q2 2010
  Demand for gold will remain robust during 2010 as a result of accelerating demand from India and China, as well as increasing global investment demand driven by continuing uncertainty over public debt and economic recovery, the World Gold Council (“WGC”) said August 25, 2010 …

Weekly US Mint Bullion Coin Sales

Demand for United States Mint bullion coins grew this week, especially for American Silver Eagles which jumped 800,000 as compared to the gain of 163,500 last week. And fractional 1/4 oz Gold Eagle sales increased for the first time this month, advancing 2,000. 1 oz Buffalo Gold climbed 5,500 versus 1,000. 1 oz Gold Eagles gained 12,000 against 1,000.

The following table shows U.S. Mint published sales figures as of Friday, August 27, 2010:

August 2010 Bullion Coin Sales

Figures above are in coins, not ounces of gold sold.

U.S. gold prices pulled back from their eight-week highs and two straight days of gains Thursday, as a bigger-than-expected decline in U.S. jobless claims eased the appeal of safe-haven purchases — so opined analysts.

"Gold futures gave back a small portion of their recent gains Thursday as some traders exited to book profits after jobless claims fell more than forecast and equities consolidated," noted Allen Sykora of Kitco News.

"Gold had been rising in recent days on safe-haven buying amid worries about the economy, particularly after soft U.S. housing and durable-goods data this week. Thus, the rally stalled amid a more upbeat report on the jobless situation in the U.S. The Labor," added Sykora.

In New York bullion prices, gold futures for December delivery fell $3.60 or 0.3% to closed at $1,237.70 an ounce. The intraday high was $1,246.00 while the lowest price was $1,237.20.

In other metals, silver for September delivery was $18.982 an ounce for a loss of 4.4 cents or 0.2% while October platinum was $1,539.90 an ounce for a pick up of $12.50 or 0.8% and December palladium was $504.30 an ounce for an increase of $10.80 or 2.2%.

In London bullion PM prices, the gold Fix was $1,237 an ounce for a loss of 50 cents.

"The jobless claims data has raised some hopes. There is reduced risk aversion and less concern about the economy, because we certainly had some dismal data earlier in the week," Peter Buchanan, senior economist at CIBC World Markets in Toronto, said and was quoted on Reuters.

The London silver Fix came in at $19.110 an ounce, gaining 48 cents or 2.6%. In PGM metals, platinum was $1,531 an ounce for an increase of $15 or 1% while palladium was $502 for a pick up of $11.50 or 2.3%.

The United States Mint on Thursday released 2010 Silver Proof Sets. The silver product contains 14 coins — all of which are special production pieces based on each 2010 circulating issue. 7 of the coins are made from 90% silver for a total 1.34 ounces of silver.

Recent precious metals prices apparently lifted the demand for United States Mint bullion coins. The only coins not to show an increase in sales since Wednesday were fractional Gold Eagles in the 1/2 oz and 1/10 oz sizes. The 1/4 oz sizes were added to the sales board for the first time this month.

The following table shows U.S. Mint published sales figures as of Thursday, August 26, 2010, and their increases, if any, since Wednesday:

August 2010 Bullion Coin Sales

Figures above are in coins, not ounces of gold sold.

U.S. precious metals prices advanced for a second straight day, with gold nearing an eight-week high and silver soaring above $19 an ounce. Silver tracked gold which benefited over continuing concerns that the economic recovery was slowing.

"Comex gold futures closed higher and hit a fresh nearly two-month high Wednesday, on follow-through safe-haven buying interest and on the building technical strength in the market," noted Jim Wyckoff of Kitco News.

"Another weak U.S. housing report Wednesday — new home sales were down a larger-than-expected 12.4% in July — prompted more safe-haven buying interest in the precious yellow metal… Wednesday’s weak economic data followed a dour U.S. existing home sales report on Tuesday that reminded traders the U.S. and world economies are still on shaky ground, and prompted a fresh influx of safe-haven buying interest in the gold market."

In New York bullion prices, gold futures for December delivery was $1,241.30 an ounce, rising $7.90 or 0.6%. Gold ranged from a low of $1,230.90 an ounce to a high of $1,243.40 an ounce.

In other metals, silver for September delivery rallied 64.8 cents or 3.5% to $19.026 an ounce. October platinum gained $9.70 or 0.6% to $1,527.40 an ounce. Palladium for September delivery advanced $7.30 or 1.5% to $491.55 an ounce.

In London bullion PM prices, gold was fixed to $1,237.50 an ounce, climbing $15.50 or 1.3%. The London silver Fix was $18.630 an ounce, gaining 75 cents or 4.2%. Platinum was $1,516.00 an ounce, adding $22.00 or 1.5%. And palladium ended up $14.50 or 3.0% to $490.50 an ounce.

"The fear is palpable," Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois, said and was quoted on Bloomberg. "The economy is really faltering. People are worried about the stock market. Money has to go somewhere and it’s going to gold."

Second quarter 2010 gold demand surged 36%, the World Gold Council said on Wednesday. Moreover, the WGC expects that demand "will remain robust during 2010 as a result of accelerating demand from India and China, as well as increasing global investment demand driven by continuing uncertainty over public debt and economic recovery."

American Silver Eagles were the only United States Mint bullion coins to show an increase between Tuesday and Wednesday. The silver coins advanced a solid 150,000.

The following table shows U.S. Mint published sales figures as of Wednesday, August 25, 2010:

August 2010 Bullion Coin Sales

Figures above are in coins, not ounces of gold sold.

Demand for gold will remain robust during 2010 as a result of accelerating demand from India and China, as well as increasing global investment demand driven by continuing uncertainty over public debt and economic recovery, the World Gold Council ("WGC") said August 25, 2010.

According to the WGC’s Gold Demand Trends report for Q2 2010, published today, demand for gold for the rest of 2010 will be underpinned by the following market forces:

• India and China will continue to provide the main thrust of overall growth in demand, particularly for gold jewellery, for the remainder of 2010.

• Retail investment will continue to be a substantial source of gold demand in Europe.

• Over the longer-term, demand for gold in China is expected to grow considerably. A report recently published by The People’s Bank of China and five other organisations to foster the development of the domestic gold market will add impetus to the growth in gold ownership among Chinese consumers.

• Electronics demand is likely to return to higher historic levels after the sector exhibited further signs of recovery, especially in the US and Japan.

Marcus Grubb, Managing Director, Investment at the WGC commented:

"Economic uncertainties and the ongoing search for less volatile and more diversified assets such as gold will underpin investment demand for gold in the immediate future. Further, in light of lingering concerns over public debt levels and the euro, European retail investor demand has increased significantly.

"Over the past quarter, demand for gold jewellery in key Asian markets has been challenged by rising local prices. Nevertheless, we are seeing a deceleration in the pace of decline in demand, providing a strong outlook for ongoing recovery in this crucial market segment."

GLOBAL GOLD DEMAND STATISTICS FOR Q2 2010

The following stats show the demand for gold in the second quarter of 2010:

• Total gold demand (1)in Q2 2010 rose by 36% to 1,050 tonnes, largely reflecting strong gold investment demand compared to the second quarter of 2009. In US$ value terms, demand increased 77% to $40.4 billion.

• Investment demand (2) was the strongest performing segment during the second quarter, posting a rise of 118% to 534.4 tonnes compared with 245.4 tonnes in Q2 2009.

• The largest contribution to this rise came from the ETF segment of investment demand, which grew by 414% to 291.3 tonnes, the second highest quarter on record.

• Physical gold bar demand, which largely covers the non-western markets, rose 29% from Q2 2009 to 96.3 tonnes.

• Global jewellery demand remained robust in Q2 2010. In the face of surging price levels, consumption totalled 408.7 tonnes during the second quarter of 2010, just 5% below year-earlier levels.

• Gold jewellery demand in India, the largest jewellery market, was little changed from year-earlier levels, down just 2% at 123.0 tonnes. In local currency terms, this translates to a 20% increase in the value of demand to Rp216 billion.

• China saw demand for gold jewellery increase by 5% to 75.4 tonnes3. While growth in demand in tonnage terms was hindered by extreme weather conditions, the growth in the local currency value measure of demand was 35% to RMB 19.8 billion.

• With the return of demand for consumer electronics, industrial demand grew by 14% to 107.2 tonnes, compared to Q2 2009.

Marcus Grubb added:

"While many investors turned to gold as a ‘flight to quality’ in response to the uncertain financial environment, this interest has proved resilient even though a sense of optimism has started to return to some sectors of the investment community. In addition to the ETF market and physical bar and coin market, the demand for gold through internet based investment platforms is likely to provide further sources of investment demand."

The full 2010 Q2 Gold Demand Trends report, which includes comprehensive data for the second quarter of 2010, can be viewed at: www.mediacentre.gold.org.

References

(1) Total gold demand refers to total identifiable gold demand in the Q2 GDT 2010 report.

(2) Investment demand relates to identifiable investment demand in the Q2 GDT 2010 report.

U.S. gold climbed Tuesday, lifted by safe-haven buying driven by a report released earlier in the day showing that existing home sales in the U.S. plunged, and far further than expected.

"The gold market came roaring back from early profit-taking selling pressure Tuesday, to close higher and nearer the session high. Bargain-hunting traders bought the early dip in gold prices, and fresh safe-haven buying interest entered the market on some more dour U.S. economic data," wrote Jim Wyckoff of Kitco News.

"The U.S. dollar index sold off quickly Tuesday morning when it was reported that existing U.S. home sales dropped by a record amount for the month of July–down 27%, which was twice the drop analysts had expected. Gold immediately rallied on bargain buying and safe-haven buying as the greenback declined."

In New York bullion prices, gold futures for December delivery was $1,233.40 an ounce, rising $4.90 or 0.4%. The yellow metal had a low intraday price of $1,211.70 and a high of $1,237.50.

"There’s an overall crisis in confidence in the U.S. recovery, so investors are adjusting their positions in commodities," Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago, said and was quoted on Bloomberg. "The flight-to-quality crowd is jumping on gold."

In other metals prices, silver for September delivery was $18.378 an ounce for a gain of 38.6 cents or 2.1%. October platinum was $1,517.70 an ounce, advancing $9.10 or 0.6%. And palladium for September delivery was $484.25 an ounce for an increase of 55 cents or 0.1%.

In London bullion PM prices, gold was fixed to $1,222 for a loss of $4 or 0.3%. Silver was $17.880 an ounce, dropping 6 cents or 0.3%. In PGM metals, platinum was $1,494 an ounce for a loss of $16 or 1.1% while palladium was $476 for a loss of $4 or 0.8%.

United States Mint bullion coins remained unchanged Tuesday, but jumped Monday with increases that were higher than all of those reported for last week. 1 oz Buffalo Gold coins advanced 5,000, 1 oz American Gold Eagles gained 10,500 and American Silver Eagles rallied 550,000.

The following table shows U.S. Mint published sales figures as of Tuesday, August 24, 2010:

August 2010 Bullion Coin Sales

Figures above are in coins, not ounces of gold sold.

U.S. precious metals prices moved in the same direction this week as last — gold pushed higher while silver, platinum and palladium fell. United States Mint bullion coins mostly dragged along, continuing their stride of slower August sales.

In New York bullion prices, gold futures for December delivery finished Friday at $1,228.80 an ounce, falling $6.60 or 0.5%. The yellow metal gained on the week, however, advancing $12.20 or 1.0% after rising 0.9% last week.

"The slightly stronger dollar is weighing on gold," Walter de Wet, an analyst at Standard Bank Plc in London, was quoted on Bloomberg. "With gold above $1,220 an ounce, demand is slowing quite a bit" from physical buyers, he added.

In other precious metals prices, September silver ended at $17.991 an ounce, dropping 33.6 cents on Friday. It fell 11.8 cents or 0.7% for the week. Silver fell 2.0% last week.

October platinum was $1,513.90 an ounce for a loss of $13.60 on Friday. It declined $12.30 or 0.8% for the week after falling 2.8% last week.

Finally, palladium for September delivery finished Friday at $476.20 an ounce for a loss of $9.45. The metal fell $1.05 or 0.2% for the week. It lost 2.1% last week.

In London bullion Fix prices, gold was fixed to $1,223.50 an ounce for a weekly pick up of $9.25 or 0.8%.

"Investors are looking for asset preservation, as they move back into gold as the overall outlook for U.S. economy starts to fade," Frank McGhee, head precious metals trader at Chicago-based Integrated Brokerage Services said and was quoted on Reuters.

London silver was $18.140 an ounce, advancing 8 cents or 0.4% for the week. In PGM weekly prices, platinum was $1,512 an ounce for a loss of $15 or 1% while palladium was $478 an ounce for a gain of $5 or 1.1%.

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent United States Mint gold and silver coin news (bullion and numismatic):

• US Mint Sales: 2010 Proof Platinum Eagles Debut
  Collectors jumped at their opportunity to scoop up the 2010 proof Platinum American Eagles. 8,268 of the 10,000 maximum mintage sold between its launch on Thursday afternoon and Sunday, leaving just 1,732 on the shelves. Perhaps the only things slowing down the sell out was its $1,892 price per coin and the household limit of five…

• US Mint Eagles Rise, Silver Sets Slow
  It was an unusually slow week for U.S. silver coin products, even for silver bullion. Only one numismatic item outperformed its prior week’s gains, but just barely. The biggest sales gap, however, was in American Silver Eagles…

Weekly US Mint Bullion Coin Sales

The weekly pace for United States Mint bullion coins fell significantly in the last seven days. The same three out of six bullion coins rose like last week, but increases were much smaller. 1 oz Buffalo Gold and 1 oz Gold Eagles each climbed 1,000, as compared their prior respective increases of 1,500 and 8,000. Fractional Gold Eagles stood still for a second straight week. Bullion Silver Eagles gained 163,500 versus 445,500.

The following table shows U.S. Mint published sales figures as of Friday, August 20, 2010:

August 2010 Bullion Coin Sales

Figures above are in coins, not ounces of gold sold.

U.S. gold futures prices hit a six-week high on Tuesday, rising for a fourth straight day on the back of a weaker dollar and supportive physical demand.

"The market continues to see some fresh speculative buying interest amid a weakening U.S. dollar index and building technical momentum this week," noted Jim Wyckoff of Kitco News. "Recent weak economic data coming out of the U.S., China and Japan–the three largest economies in the world–have prompted a decrease in investor risk appetite, which has created more safe-haven buying interest in gold recently. The European Union also has its own sovereign debt problems, which have temporarily been pushed to the back burner, but which could come to a boil at any time. That’s also an underlying positive fundamental for gold."

In New York bullion prices, gold futures for December delivery was $1,228.30 an ounce, rising $2.10 or 0.2%. The yellow metal’s intraday low was $1,224.30. Its high was $1,231.10, which was the highest level dating back to July 1, 2010.

In other metal prices, silver for September delivery was $18.595 an ounce for a pick up of 16.8 cents or 0.9%. October platinum was $1,546.60 an ounce, gaining $9.30 or 0.6%. Palladium for September delivery was $497.30 an ounce for an increase of $11.55 or 2.4%.

In London bullion Fix prices, gold was fixed to $1,226.00 an ounce for an increase of $2.50 or 0.2%.

"We think it’s a good sign that the market has been able to recover from a bit of weakness in June and July when the technical picture didn’t look so good," Credit Suisse analyst Tobias Merath said and was quoted on Reuters. "The longer term outlook is fairly encouraging with dollar weakness and more importantly after the U.S. Federal Reserve meeting, bond yields dropped. This is positive as it reduces the opportunity cost of holding gold."

Silver was $18.540 an ounce, increasing 34 cents or 1.9%. In PGM metals, platinum was $1,541.00 an ounce, rising $7 or 0.5% while palladium was $494.00 an ounce, advancing $12 or 2.5%.

On the bullion coin front, the United States Mint has not published new sales since last Friday, which was reflected in the BullionPricesToday weekly prices report.