Gold Prices End Above $1,670, Silver 2 Cents Shy of $32

by Bullion Prices Staff on October 10, 2011

U.S. gold prices settled $35 higher Monday after dipping $13.50 on the final trading day last week. Marking a 2.1% increase, gold closed at $1,670.80 an ounce in the December futures contract on the Comex division of the New York Mercantile Exchange. Gold prices moved between $1,639.90 an ounce and $1,676.70 an ounce.

"Gold is remaining bid-up on not just [a weaker] dollar, but particularly buoyant physical demand amongst retail investors," said Ross Norman, chief executive at London-based bullion brokers Sharps Pixley, according to MarketWatch. "Demand in China has been especially strong with the bars selling at more than a $3 premium over London prices."

In other New York futures prices, December silver rallied 98.7 cents, or 3.2%, to $31.98 an ounce, December palladium climbed $28.45, or 4.9%, to $614.30 an ounce, and January platinum ended up $31.80, or 2.1%, to $1,525.10 an ounce.

London Bullion Prices

London bullion prices were split Monday with all but platinum advancing. Its PM fixing change from Friday to Monday showed prices down $16, or 1%, to $1,513 an ounce. Other London fixings rose, with:

  • Gold prices adding $9, or 0.5%, to $1,661 an ounce
  • Silver rising 25 cents, or 0.8%, to $32.23 an ounce
  • Palladium gaining $3, or 0.5%, to $612 an ounce

United States Mint Bullion Coins

Zero bullion coin increases were published by the United States Mint on Monday. The latest available bullion sales are provided below in the daily, October 2011 and YTD 2011 columns.

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 5,000 137,500
1 oz American Gold Eagle 0 21,500 781,500
1/2 oz American Gold Eagle 0 2,000 64,000
1/4 oz American Gold Eagle 0 4,000 76,000
1/10 oz American Gold Eagle 0 0 345,000
5 oz America the Beautiful Silver not reported 386,600
1 oz Silver Eagle 0 1,662,000 35,073,500


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Monday, October 3, 2011. All other figures have an "as of date" of Monday, October 10, 2011.

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