Gold Edges Up on Week but Silver, Platinum and Palladium Prices Off

by Bullion Prices Staff on March 10, 2012

Gold edged higher this week while silver, platinum and palladium prices edged lower. On the Comex division of the New York Mercantile Exchange, April gold futures prices added $12.80, or 0.8%, to $1,711.50 an ounce, notching a weekly gain of 0.1%. Gold prices could head higher next week, according to some market-watchers.

"After the recent volatility in gold, some market participants believe the yellow metal could see a rebound next week, but overall their tone is cautious given jitters in the Middle East, technical charts and Tuesday’s monetary policy meeting," writes Debbie Carlson of Kitco News. "In the Kitco News Gold Survey, out of 32 participants, 21 responded this week. Of those 21 participants, 11 see prices up, while six see prices down, and four are neutral."

Silver fell 0.9% this week but did rise Friday. May silver futures prices added 38.1 cents, or 1.1%, to $34.21 an ounce.

Palladium and platinum each declined 0.4% this week but rallied Friday. June palladium prices rose $10.50, or 1.5%, to $709.95 an ounce while April platinum futures settled up $28.20, or 1.7%, to $1,684.90 an ounce.

United States Mint Bullion Coin Sales

Gold bullion coins took off this week, according to the latest sales data published by the United States Mint. Across the American Gold Eagle and American Gold Buffalo coins, 22,500 ounces were sold. That compares to solid sales of 16,000 ounces from the previous week. On a monthly basis, American Gold Eagle bullion sales in March are 2,000 away from matching those from February. And American Gold Buffalo sales have already exceeded February’s total by 5,000.

As for American Silver Eagle bullion coin sales, they totaled 470,000 this week versus the 515,000 from last week.

The most recent bullion figures are provided below in the daily, monthly and 2012 columns.

United States Mint 2012 Bullion Coin Sales
  Mon Tue Wed Thurs Fri Mar 2012 Sales
1 oz American Gold Eagle 0 0 6,000 1,500 2,500 18,500 123,000
1/2 oz American Gold Eagle 0 0 0 0 0 0 49,000
1/4 oz American Gold Eagle 0 0 0 0 0 0 40,000
1/10 oz American Gold Eagle 0 0 0 5,000 0 5,000 95,000
1 oz American Gold Buffalo 3,000 4,000 0 5,000 0 12,000 32,500
5 oz America the Beautiful Silver Coins 0 0 0 0 500 500 6,500
1 oz American Eagle Silver Coins 180,000 240,000 0 0 50,000 745,000 8,342,000

 

Notes: Figures above are in coins, not ounces sold. All bullion coin sales have an "as of date" of Friday, March 9, 2012, as published on the U.S. Mint website.

London Bullion Prices

London bullion prices for the most part declined Friday and on the week. The single exception was platinum which turned higher Friday, although it declined overall from a week ago. The following table offers this week’s London PM Fix prices.

London Fixings (PM)
  Mon Tue Wed Thurs Fri Daily Gain
($/%)
Weekly
($/%)
Silver Prices $34.18 $33.22 $33.17 $34.09 $33.87 -$0.22
-0.6%
-$1.34
-3.8%
Gold Prices $1,705 $1,669 $1,677.50 $1,690 $1,687.50 -$2.50
-0.1%
-$19.50
-1.1%
Palladium Prices $709 $673 $678 $696 $690 -$6
-0.9%
-$23
-3.2%
Platinum Prices $1,672 $1,614 $1,627 $1,634 $1,655 $21
1.3%
-$49
-2.9%

 

Refer to this site’s home page for always updated bullion prices and news.

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