Gold and Silver Prices Rally, US Mint Bullion Coins Rise

by Bullion Prices Staff on February 8, 2011

U.S. bullion prices surged Tuesday, with gold hitting a three-week high and silver reaching a five-week peak. Precious metals prices lifted higher on news that China increased its interest rates overnight, sparking inflation-hedged buying.

April gold prices ended up $15.90, or 1.2%, to $1,364.10  an ounce on the Comex division of the New York Mercantile Exchange — gold’s best closing price dating back to Jan. 19.

"While some commodity markets were initially pressured on the idea that higher interest rates in China would crimp demand, traders soon reckoned demand for raw commodities from China will remain strong," wrote Jim Wyckoff of Kitco News. "Gold traders, in particular, focused on the inflationary aspects of the China rate hike being bullish for gold."

Gold hit an intraday low of $1,348.90 an ounce and a high of $1,368.70 an ounce.

March silver prices rallied 92.8 cents, or 3.2%, to $30.27 an ounce on the Comex. That was silver’s highest closing level going back to Jan. 4.

In other New York futures prices, March palladium closed to a 10-year high at $838.45 an ounce, marking a gain of $19.40, or 2.4%, and April platinum settled at at 2 1/2-year high, rising $17.70, or 1%.

U.S. Mint American Silver Eagle bullion coins rose for the second consecutive time this week. The .999 fine silver coins added 59,000 to reach over 7.3 million for the year. The 22-karat American Gold Eagles (1 oz size) rose 6,500 to hit just under 150,000 for the year.

In other news and on the numismatic front, the U.S. Mint on Tuesday also published the opening sales figures for the recently released $5 gold, silver dollar and 50-cent clad United States Army coins. For information on how they performed during their first week, read the article: Army Commemorative Coins Sales Debut.

Daily, February and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 19,000 6,500 149,500
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 59,000 7,319,000

Figures above are in coins, not ounces sold.

In earlier fixed PM London bullion prices, gold was $1,363.50 an ounce for a pick-up of $16, or 1.2%, over the prior PM fixing. The London Silver Fix came in 21 cents, or 0.7%, higher at $29.42 an ounce.

In other London metal prices, palladium rose $3, or 0.4%, with a fixing of $823 an ounce and platinum climbed $3, or 0.2%, at $1,848 an ounce.

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