Gold Prices Edge Higher, 1 oz Gold American Eagles Advance – June 22, 2010

by Bullion Prices Staff on June 22, 2010

U.S. gold prices inched higher Tuesday as a firmer, more traditional move with the dollar was noted by analysts.

"Gold’s inverse relationship to the dollar is returning," Leonard Kaplan, the president of Prospector Asset Management, was quoted on Bloomberg. "It was an abnormality that gold was moving with the dollar. Eventually, these market relationships revert to the norm."

In New York precious metals prices, August gold rose 10 cents to $1,240.80 an ounce. The yellow metal hit an intraday low of 1,233.00 and a high of $1,244.00.

"Comex gold futures closed near unchanged price levels on the day Tuesday, as the market paused and consolidated after Monday’s active trading session, in which a new all-time high was scored only to see prices back off sharply by the end of the trading session, noted Jim Wyckoff of Kitco News. "Bargain hunters did once again step in to buy gold at the lower price levels Tuesday."

In other U.S. metal prices, July silver closed to $18.902 an ounce, rising 9.4 cents or 0.5%. July platinum finished at $1,593.00 an ounce, adding $2.70, or 0.2%. And September palladium closed to $489.95 an ounce, falling $5.50 or 1.1%.

In London bullion prices, the afternoon gold fix was $1,236.00 an ounce for a loss of $18.50 or 1.5%.

"We’re seeing profit-taking with prices hitting record levels, but underlying investor interest is still very strong," Suki Cooper, a precious metals analyst with Barclays Capital in London was cited on MarketWatch.

In other London fix prices, silver was $18.625 an ounce, declining 75 cents or 3.8%. Platinum was $1,585.00 an ounce for a loss of $20.00 or 1.2%. And palladium was $487.00 an ounce, retreating $15.00 or 3.0%.

In United States Mint bullion coin sales, 2010 fractional Gold Eagles have stayed at the same levels since last Thursday, but the U.S. did sell 12,000 more 1 oz Gold Eagles between Monday and Tuesday. Also standing pat were American Buffalo Gold coins and the American Silver Eagles, although the silver coins did jump 626,500 on Monday. The following chart provides their latest tallies (by coins sold, not in ounces):

U.S. Mint Bullion Coin Sales in June

  June 2010 2010 Total
American Buffalo Gold 27,500 154,500
American Eagle Gold 1 oz 72,000 593,500
American Eagle Gold ½ oz 30,000 30,000
American Eagle Gold ¼ oz 42,000 42,000
American Eagle Gold 1/10 oz 250,000 250,000
American Eagle Silver 2,487,500 17,655,000

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