Gold Prices Dip for Second Day, Silver Drops 1.1%

by Bullion Prices Staff on June 8, 2011

U.S. bullion prices were mixed Wednesday, with platinum rising very modestly while other precious metals declined. Gold retreated the least, falling 0.3%. Palladium followed with a loss of 0.5% while silver dropped the most at 1.1%.

August gold prices lost $5.30, or 0.3%, to $1,538.70 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices hit an intraday low of $1,531.80 an ounce and a high of $1,547.40 an ounce.

"Comex gold and silver futures closed the day session lower Wednesday, on profit taking pressure and a corrective pullback from recent gains. A firmer U.S. dollar index helped to pressure the precious metals," noted Jim Wyckoff of Kitco Metals Inc.

July silver prices declined 42.6 cents to $36.62 an ounce after rising a modest 0.7% during the previous session.

PGM metals were mixed in New York. September palladium fell $3.80, or 0.5%, to $805.70 an ounce while July platinum edged higher by 50 cents to $1,831.20 an ounce.

London Bullion Prices

London bullion prices moved in tandem, lower. When comparing their current to previous PM fixing prices:

  • Gold prices fell $7.25, or 0.5%, at $1,537.75 an ounce
  • Silver declined $1.19, or 3.2%, at $36.22 an ounce
  • Palladium fell $5, or 0.6%, at $799 an ounce
  • Platinum declined $6, or 0.3%, at $1,818 an ounce

United States Mint Bullion Coins

No additions were published Wednesday for United States Mint bullion coins. Daily, June 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 0 74,000
1 oz American Gold Eagle 0 24,500 476,000
1/2 oz American Gold Eagle 0 0 55,000
1/4 oz American Gold Eagle 0 0 56,000
1/10 oz American Gold Eagle 0 15,000 230,000
5 oz America the Beautiful Silver 0 0 326,800
1 oz American Silver Eagle 0 817,000 19,7185M

Figures above are in coins, not ounces sold. The United States Mint last updated the 5 oz America the Beautiful Silver Bullion Coin sales on May 27. All other sales figures are as of Wednesday, June 8.

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