Gold and Silver Eke Out Gains, Platinum and Palladium Fall

by Bullion Prices Staff on February 9, 2011

U.S. bullion prices were mixed Wednesday after precious metals soared in the previous session. Gold rose a modest 0.1% while silver remained almost unchanged with just a half penny increase. Platinum and palladium declined, with respective losses of 0.1 and 1.4%.

April gold prices finished up $1.40 to $1,365.50 an ounce on the Comex division of the New York Mercantile Exchange. Prices hit an intraday low of $1,358.30 an ounce and a high of $1,367.70 an ounce.

"Precious metals traders are still digesting news Tuesday that China raised key interest rates by 0.25% in a move to curb domestic demand for commodities and reduce inflationary pressures. Gold traders have deemed the China rate hike as mostly bullish due to the inflationary implications," noted Jim Wyckoff of Kitco News.

"With most major world economies on the mend and growing at a faster pace than last year, and with the Continuous Commodity Index trading near an all-time record high–and not to mention the fact most major central banks have been printing money for months–inflationary pressures will likely become more problematic worldwide in the coming months. That’s bullish for gold."

In other New York futures prices, March silver prices settled at $30.276 an ounce, March palladium lost $12 to close at $826.45 an ounce and April platinum fell $2.50 to $1,859.40 an ounce.

U.S. Mint fractional size American Gold Eagle bullion coins have remained silent since last week, but the 1-ounce size has been moving forward slowly. Buyers ordered 4,000 since the previous day, bringing their year-to-date total up to 153,500. No other U.S. Mint bullion coins rose Wednesday. The daily, February and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 23,000 4,000 153,500
1/2 oz American Gold Eagle 0 0 1,000
1/4 oz American Gold Eagle 2,000 0 4,000
1/10 oz American Gold Eagle 5,000 0 25,000
American Silver Eagle 897,000 0 7,319,000

Figures above are in coins, not ounces sold.

In earlier PM London bullion prices, the gold Fix was $1,365 an ounce, marking a gain of $1.50, or 0.1%. Silver was $30.22 an ounce for a daily increase of 80 cents, or 2.7%.

In London PGM metals, palladium rose $12, or 1.5%, to $835 and platinum added $10, or 0.5%, to $1,858.

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