Gold Declines Slightly, Other Bullion Prices Mixed

by Bullion Prices Staff on September 1, 2010

U.S. precious metals prices were mixed for another day on Wednesday, with gold and silver falling slightly while platinum and palladium advanced. Gold’s decline was attributed to some profit taking and a riskier investing environment following the release of better-than-expected manufacturing data in the U.S. and China.

Comex gold futures closed slightly lower Wednesday on a profit-taking pullback after hitting another fresh two-month high early on. A rallying U.S. stock market amid some better risk appetite among investors did pull some buying interest away from gold," noted Jim Wyckoff of Kitco News.

"The U.S. stock indexes posted solid rallies Wednesday following a better-than-expected ISM reading on the U.S. manufacturing sector. Solidly lower U.S. Treasury bond and note futures prices also supported the notion that investor risk appetite did increase Wednesday. Still, the months of September and October have historically seen more turbulence in the stock, financial and currency markets, which is an underlying supportive factor for gold."

In New York bullion prices, gold futures for December delivery ended at $1,248.10 an ounce for a loss of $2.20 or 0.2%. It hit a low of $1,244.10 and a high of $1,256.60 — the best price in two months.

In other metals, silver was $19.393 an ounce for a loss of 3.9 cents or 0.2% while platinum was $1,535.70 an ounce for a pick up of $12.20 or 0.8%, and palladium was $520.10 an ounce for an increase of $18.25 or 3.6%.

In London bullion weekly prices, the gold fix was up 50 cents to $1,246.50 an ounce. Silver was $19.470 an ounce for a gain of 60 cents or 3.2%. Platinum was $1,531.00 an ounce, which was $16 or 1.1% higher. And palladium was $519.50 an ounce for an increase of $25.50 or 5.2%.

In U.S. Mint news, on Thursday the Mint will release 24 karat Buchanan’s Liberty Coins. Prior to their launch, it is expected that it will stop selling Sarah Polk Gold Coins.

On the bullion front, the Mint is yet to report any bullion coin sales for September.

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