Gold Falls, Weekly Bullion Prices Mixed

by Bullion Prices Staff on April 17, 2010

Precious metals, oil and stocks plunged on Friday as Goldman Sachs Group Inc., a major commodities player, was charged by the SEC with fraud. Further eroding gold’s appeal was early profit-taking Friday and a stronger U.S. dollar, which attracted even more investment attention after the Goldman news broke. Gold typical moves opposite of the greenback and in the same direction as crude oil.

"Goldman is a major player in gold, silver, all commodities," Frank McGhee, the head dealer at Integrated Brokerage Services Inc. in Chicago, said on Bloomberg. "They have massive positions. This puts a big question mark on all commodity activity."

In New York metals weekly prices, June gold ended at $1,136.90 an ounce, falling $25.00 or 2.2%. The yellow metal declined $23.40 on Friday alone.

"Risk appetite is what has been moving the gold market in the last several months. Risk appetite today took a huge hit as people are very concerned. When they think it’s a level playing field, they hear news like today," James Cordier, a portfolio manager at OptionSellers.com in Florida, said on MarketWatch.

May silver plunged to $17.675 an ounce, losing 68 cents or 3.7% for the week. It tumbled 75.8 cents on Friday.

In other metals, July platinum declined $32.10, or 1.9%, to end at $1,695.30 an ounce. June palladium was the sole metal rising, jumping $18.25, or 3.6%, to finish at $531.85 an ounce.

In London bullion weekly prices, the gold fix was $1,151.50 an ounce, for a modest loss of $1.00, or 0.1%.

In white metals, silver gained one cent, or 0.1%, to $18.350 an ounce. Platinum ended at $1,708.00 an ounce, falling $10.00, or 0.6% during the week. Palladium, like silver, advanced. The metal surged $21.00, or 4.1%, to $532.00.

To follow are silver, gold and platinum performance charts and bullion coin news.

London Fix Weekly Bullion Prices – April 2010

(April 9 – 16)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.1%
$0.01
$18.35
Gold
 
X
-0.1%
-$1.00
$1,151.50
Platinum
 
X
-0.6%
-$10.00
$1,708.00
Palladium
X
 
4.1%
$21.00
$532.00

 

(April 1 – 9)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.7%
$0.65
$18.34
Gold
X
 
2.6%
$29.00
$1,152.50
Platinum
X
 
3.5%
$58.00
$1,718.00
Palladium
X
 
4.1%
$20.00
$511.00

 

(March 26 – April 1)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
5.0%
$0.84
$17.69
Gold
X
 
2.5%
$27.00
$1,123.50
Platinum
X
 
4.0%
$64.00
$1,660.00

 

Gold and Silver Weekly Coin News

In related bullion, business and United States Mint news, interesting or quick-read articles from the week include:

  • 2010 US Mint Sales: Lincoln Cents Debut, First Spouse Gold Coins Rise
    The latest United States Mint sales report has been released and new to the sales tables are the debuting figures for the 2010 Lincoln Cent Two Roll Sets.

    The U.S. Mint placed the 2010 Lincoln cent rolls on sale Thursday, April 8. A total of 45,483 two-roll sets left Mint store shelves by Sunday. Selling more than 90,000 penny rolls in a few short days is an achievement, but the numbers are far short of the four…

  • America the Beautiful Silver Bullion Coins Program
    The United States Mint will issue a new series of coins in 2010 that are composed of silver and depict American National Parks and National Sites.

    These coins are not the collector versions of the circulating America the Beautiful Quarters. They are, however, similar in name as they are called America the Beautiful Silver Bullion Coins and they share the same reverse designs…

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