Gold Prices Edge Higher, Silver Eagle Bullion Coins Up 25K

by Bullion Prices Staff on February 16, 2011

There was little excitement in terms of deep day-over-day closing movements in bullion prices Wednesday. Precious metals prices either rose 0.1%, like gold and platinum, or fell 0.2%, like silver and palladium.

April gold futures prices settled up $1 to $1,375.10 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal hit an intraday low of $1,368.30 an ounce and reached a high of $1,382.70 an ounce. Gold prices are down 3.3% in 2011.

"Gold has been hovering near steady price levels most of the trading session Wednesday when news reports surfaced that Iran was sending two war ships through the Suez Canal and into the Mediterranean Sea," noted Jim Wyckoff of Kitco News. "This prompted a quick response from Israel that the Iranian move was an act of aggression. Gold popped around $8.00 an ounce on that news, but could not hold the gains and backed down to price levels seen before the Iran headlines."

March silver edged lower by 6.7 cents to close at $30.63 an ounce. The change put silver down 1% in 2011.

March palladium slipped $1.40 to settle to $838.50 an ounce. The metal is still up 4.4% on the year.

Finally, April platinum prices climbed $2.70 to settle at $1,834.30 an ounce. It has risen 3.2% in 2011.

U.S. Mint bullion coins were tamer on Wednesday, with only the 1-ounce American Silver Eagle bullion coins rising. They advanced 25,000 and now stand at just over 1.73 million for February.

For a deeper look at recent bullion and numismatic coin performances, check out the latest US Mint sales article.

Daily, February and 2011 U.S. Mint bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 39,000 0 169,500
1/2 oz American Gold Eagle 5,000 0 6,000
1/4 oz American Gold Eagle 16,000 0 18,000
1/10 oz American Gold Eagle 100,000 0 120,000
American Silver Eagle 1,730,500 25,000 8,152,500

Figures above are in coins, not ounces of gold or silver sold.

In London bullion prices that were fixed earlier in the North American day, the PM gold fix was $1,371.25 an ounce for a loss of $1.50, or 0.1%, from the previous PM fixing. The silver fix rose 5 cents, or 0.2%, with its fixing of $30.77 an ounce. In PGM prices, palladium was $840 for a loss of $5, or 0.6%, and platinum was $1,828 for a loss of $14, or 0.8%.

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