Gold Gains Modestly on Week, Bullion Coins Advance

by Bullion Prices Staff on February 5, 2011

U.S. bullion prices were mixed Friday and for the week, although losses were modest. Gold edged 0.3% lower Friday as the U.S. dollar gained strength and safety-buying abated.

Gold prices for February delivery ended down $4 to close at $1,349.00 an ounce on the Comex division of the New York Mercantile Exchange. Its lowest level came in at $1,345.50 while its highest point reached $1,361. Although lower on Friday, gold prices did squeak out an increase of 0.5% for the week.

"I don’t think that gold has lost its value in the marketplace in terms of it being treated as a surrogate currency, but rather there is no catalyst at the moment to drive prices higher," Mark Luschini, chief investment strategist of Janney Montgomery Scott, said via Reuters.

March silver prices rose 33.1 cents, or 1.2%, to finish at $29.059 an ounce. It was the biggest gainer in precious metals on the week with an increase of 4.1%.

Palladium fell back for the day and the week. March palladium prices declined $4.10, or 0.5%, to close at $816.45 an ounce. For the week, it lost a modest 0.1%.

April Platinum prices ended up $1.70, or 0.1%, to $1,845.80 an ounce. Platinum enjoyed a weekly gain of 2.3%.

U.S. Mint American Eagle bullion coins advanced on Friday and for the week, with weekly gains solid for the one-ounce Gold Eagle but weaker for the Silver Eagle. Both bullion pieces were hot during January. Silver Eagle demand, in particular, shined. The U.S. Mint published the final monthly numbers earlier in the week. For a review, read:

Daily, February and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 12,500 7,500 143,000
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 126,500 76,500 6,584,500

Figures above are in coins, not ounces sold.

In earlier fixed PM London bullion prices, the gold Fix was $1,355 an ounce, advancing $27, or 2%, from the prior PM Fix. London gold was up 2.7% for the week.

The silver fixing added 61 cents, or 2.2%, to $28.91 an ounce. Prices shot up 8.4% for the week.

Prices where higher for London palladium and platinum as well. Palladium rose $5, or 0.6%, to $813 an ounce, capping a weekly gain of 0.9%. The platinum fixing was up $10, or 0.5%, to $1,838 an ounce, registering a weekly increase of 3%.

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