Gold and Silver Prices Fall, Bullion Coins Unchanged

by Bullion Prices Staff on December 16, 2010

Marking a second day of declines, gold and silver prices fell Tuesday. Pressuring gold were gains in the U.S. dollar and another round of profit-taking. Other precious metals moved in the same direction as gold.

Gold futures prices for February delivery closed down $15.20, or 1.1% to $1,371 an ounce on the Comex division of the New York Mercantile Exchange. Gold hit an intraday low of $1,361.60 and ran as high as $1,387.30.

"Gold is on the defensive," Adam Klopfenstein, a senior strategist at Lind-Waldock, a broker in Chicago, was cited on Bloomberg. "A lot of people have caught a huge move up this year, and they’re going to look to bank profit."

In other New York bullion prices, March silver fell 47.1 cents, or 1.6%, to $28.78 an ounce, March palladium lost $10.10, or 1.3%, to $742.55 an ounce and January platinum declined $5.80, or 0.3%, to $1,698.60 an ounce.

Despite recent losses, the precious metals have registered exceptional performances on the year with increases of 25% for gold, 71% for silver, 82% for palladium and 16% for platinum.

U.S. Mint bullion coins were unchanged from the bullion figures published Wednesday. The bullion American Silver Eagle coins have remained uncharacteristically silent since Monday.

In earlier bullion prices, the London gold fixing price was $1,363 an ounce versus the previous $1,388.75 — a change of $25.75, or 1.9%. Silver declined 9 cents, or 0.3%, with a fixing of $29.15.

In London PGM metals, palladium was fixed at $745, down $7, or 0.9%, and platinum was $1,700, down $1, or 0.1%.

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