Gold Prices at New Record, Silver Notches Fresh High

by Bullion Prices Staff on April 7, 2011

U.S. bullion prices were mixed Thursday. Gold prices rose Thursday, gently lifting its all-time record high. Silver notched its own 31-year high for a fourth straight session. PGM metals, however, edged lower.

June gold prices advanced 80 cents, or 0.1%, to finish at $1,459.30 an ounce on the Comex division of the New York Mercantile Exchange. The closing price was gold’s best ever, marking a third straight session of new records. The yellow metal had in intraday low of $1,453.70 an ounce and a high of $1,466.50 ounce.

The European Central Bank raised rates by 25 basis points to 1.25% in an attempt to keep inflation in check, which helped gold prices according to some analysts.

"You’re back to a dollar story for the first time in a long time." Frank McGhee, head precious metals trader of Integrated Brokerage Services, was quoted on Reuters. "Gold prices and the dollar both benefit from that rate hike because it increases the differentials between euro zone and the U.S. interest rates."

May silver prices added 16.5 cents, or 0.1%, to $39.55 an ounce. The metal ranged from $39.20 an ounce to $39.72 an ounce.

In PGM prices, palladium ended down $4.35, or 0.6%, to $780.25 an ounce and platinum ended down $7.20, or 0.4%, to $1,790.60 an ounce.

In comparing London bullion PM fixing prices on Thursday to those on Wednesday, precious metals declined across the board.

  • Gold prices fell $2, or 1%, to $1,459.50 an ounce
  • Silver declined 12 cents, or 0.3%, to $39.51 an ounce
  • Palladium lost $15.50, or 2%, to $778 an ounce
  • Platinum fell $28, or 1.5, to $1,780 an ounce

The 1 oz American Gold Eagle bullion coin was the sole advancer on Tuesday and Wednesday. On Thursday, the American Silver Eagle was the only United States Mint bullion coin to rise, adding 44,500 to its sales total.

The latest published daily, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
  April
2011
Daily
Gain
2011
Totals
1 oz American Gold Buffalo 3,000 0 41,000
1 oz American Gold Eagle 31,500 0 295,000
1/2 oz American Gold Eagle 0 0 21,000
1/4 oz American Gold Eagle 0 0 38,000
1/10 oz American Gold Eagle 5,000 0 165,000
American Silver Eagle 703,000 44,500 13,132,000

Figures above are in coins, not ounces sold.

For details on recent numismatic and bullion coin sales, read the latest US Mint sales report.

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