Gold Prices End at One-Month High in June Start

by Bullion Prices Staff on June 1, 2011

U.S. bullion prices were mixed for the first trading day of June. All precious metals declined, with the exception of gold which ended at a one-month high. The yellow metal’s gains were pegged to a weakened U.S. dollar which was pressured by disappointing economic reports.

August gold futures prices rose $6.40, or 0.4%, to $1,543.20 on the Comex division of the New York Mercantile Exchange. The settlement price was gold’s best since May 2 when it finished at $1,557.10 an ounce.

"A slew of weaker-than-expected U.S. economic data recently has spooked many investors, which in turn has prompted a move into safe-haven assets such as gold and U.S. Treasuries," wrote Jim Wyckoff at Kitco Metals Inc.

"Wednesday’s much weaker than expected ADP jobs report shook traders, who now are wondering if Friday’s more important employment report from the U.S. Labor Department will also show tepid jobs growth."

Gold prices dipped as low as $1,530.40 an ounce and reached as high as $1,551.60 an ounce.

In other bullion prices, July silver lost 61.1 cents, or 1.6%, to $37.69 an ounce, September palladium declined $1.90, or 0.2%, to $779.10 an ounce, and July platinum fell $10.10, or 0.6%, to settle at $1,823.90 an ounce.

London Bullion Prices

London bullion prices were also mixed when comparing the PM fixing prices on Wednesday from those on Tuesday:

  • Gold declined $2.75, or 0.2%, at $1,533.75 an ounce
  • Silver declined 70 cents, or 1.8%, at $37.95 an ounce
  • Palladium rose $3, or 0.4%, at $780 an ounce
  • Platinum remained unchanged at $1,828 an ounce

United States Mint Bullion Coins

Sales advanced for the largest Gold Eagle, according to the latest sales stats from the United States Mint. The 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 15,000 15,000 466,500
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 0 215,000
5 oz America the Beautiful Silver 0 0 326,800
1 oz American Silver Eagle 0 0 18.9015M

Figures above are in coins, not ounces sold.

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