Gold and Silver Prices Rally, Bullion Coins Unchanged for Second Day

by Bullion Prices Staff on October 28, 2010

U.S. bullion prices rallied on Thursday when the U.S. dollar weakened as sentiment shifted as to the strength of the Federal Reserve’s actions next week with its monetary policy. Gold gained nearly $20 after falling $16 on the previous day. Silver outperformed all the metals as prices surged 2%.

"How much the Fed eases will matter to the dollar," Frank Lesh, a trader at FuturePath Trading in Chicago, was quoted on Bloomberg. "The dollar’s important to metals, and it’s the currency value of the gold that’s driving this market."

In New York futures prices, December gold rose $19.90 or 1.5% to settle at $1,342.50 an ounce. The yellow metal saw a low price of $1,322.90 an ounce and a high of $1,346.20 an ounce.

In other U.S. precious metals futures prices, December silver rose 47.1 cents to $23.875 an ounce, January platinum advanced $13.90 or 0.8% to $1,692 an ounce, and December palladium gained $10.30 or 1.7% to finish at $629.45 an ounce.

The London bullion Fix price for gold was $1,333.50 an ounce, up $9 or 0.7%. Silver was fixed to $23.73 an ounce, down 4 cents or 0.2%. In PGM metals, platinum declined $10 or 0.6% to $1,685 while palladium gained $4 or 0.6% to $626 an ounce.

The U.S. Mint again had no new additional sales to report on Thursday for its bullion coins, marking a second straight day of unchanged numbers. Refer to Tuesday’s report for the latest figures.

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