Gold and Silver Prices Fall, American Bullion Eagles Unchanged – June 23, 2010

by Bullion Prices Staff on June 23, 2010

U.S. gold prices declined slightly as the yellow metal again followed its more accustomed route of moving inversely with the dollar and along with oil.

"Comex gold futures are closed modestly lower Wednesday, as the market was pressured by lower crude oil prices and a firmer U.S. dollar," Jim Wyckoff of Kitco News. "Much of the selling pressure was profit taking and market consolidation after prices hit a fresh all-time record high on Monday."

In New York precious metals prices, August gold was $1,234.80 an ounce, falling $6.00 or 0.5%. Its low point was $1,225.20 while its high hit $1,247.40.

July silver was $18.459 an ounce, plunging 44.3 cents or 2.3%

In PGM metals, July platinum closed to $1,567.00 an ounce, falling $26.00, or 1.6% and September palladium was $474.35 an ounce, declining $15.60, or 3.2%.

"There is (weakness) not just across commodities but across all markets," RBS analyst Daniel Major, said on Reuters. "In terms of gold, there is a slightly more risk-off tone today, which seems to have resulted in dollar strength and… that has weighed on gold."

In London bullion prices, the afternoon gold fix was $1,226.50 an ounce for a loss of $9.50 or 0.8%.

"Now that the euro has stabilized, the focus is back on the dollar-and-gold relationship," Frank Lesh, a trader at FuturePath Trading LLC in Chicago, was quoted on Bloomberg. "There’s just not enough fear and panic to send gold flying. There’s a little disappointment among recent longs that gold is just backing and filling, instead of advancing after making an all-time high."

London silver was $18.910 an ounce, gaining 29 cents or 1.5%. Platinum was $1,575.00 an ounce for a loss of $10.00 or 0.6%. And palladium was $485.00 an ounce, slipping $2.00 or 0.4%.

In bullion coins, no sales gains were published by the U.S. Mint Wednesday. 2010 fractional Gold Eagles and Buffalo gold coins last showed and increase on Thursday. Sales of the one ounce Gold Eagles rose 12,000 on Tuesday and American Silver Eagles jumped 626,500 on Monday. The following chart provides their latest tallies (by coins sold, not in ounces):

U.S. Mint Bullion Coin Sales in June

  June 2010 2010 Total
American Buffalo Gold 27,500 154,500
American Eagle Gold 1 oz 72,000 593,500
American Eagle Gold ½ oz 30,000 30,000
American Eagle Gold ¼ oz 42,000 42,000
American Eagle Gold 1/10 oz 250,000 250,000
American Eagle Silver 2,487,500 17,655,000

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