Gold Prices End Shy of Record, First Weekly Loss in Five

by Bullion Prices Staff on June 26, 2010

New York gold futures on Friday closed shy off their record set just seven days before, which left the yellow metal not only short of a new high, but also ended the week down for the first time since mid-May. Gold for August delivery rose $10.30, or 0.8%, to $1,256.20, marking a weekly loss of $2.10 or 0.2%.

"Gold rallying is indicative of investor skittishness," Adam Klopfenstein, a senior market strategist at Lind- Waldock in Chicago, was quoted on Bloomberg. "We still have debt overseas and an economic slowdown. Investors are uncomfortable holding paper assets."

In New York metals weekly prices, July silver ended at $19.110 an ounce, declining 7.4 cents or 0.4%. July platinum closed to $1,570.40 an ounce, falling $16.60 or 1.0%. September palladium finished at $477.90 an ounce, slipping $13.50 or 2.7%.

In London bullion weekly prices, the gold fix was $1,254.00 an ounce for a loss of $2.00, or 0.2%.

"Nobody is giving up on gold. There is too much uncertainty in the world," Andrey Kryuchenkov, an analyst VTB Capital, was noted on Reuters. "Gold is trading like a currency. People are not ready to liquidate their holdings. They are using price dips as buying opportunities. That was the case at $1,230 support."

In other weekly London metal prices, silver was $18.650 an ounce, falling 12.0 cents or 0.6%. Platinum was at $1,556.00 an ounce, declining $22.00 or 1.4%. And palladium was $471.00 an ounce, dropping $13.00 or 2.7%.

To follow are silver, gold, platinum and palladium performance tables for the last several weeks.

London Fix Weekly Bullion Prices – June 2010

(June 18 – 25)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-0.6%
-$0.12
$18.650
Gold
 
X
-0.2%
-$2.00
$1,254.00
Platinum
 
X
-1.4%
-$22.00
$1,556.00
Palladium
 
X
-2.7%
-$13.00
$471.00

 

(June 11 – 18)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
2.5%
$0.46
$18.770
Gold
X
 
3.0%
$36.00
$1,256.00
Platinum
X
 
2.5%
$39.00
$1,578.00
Palladium
X
 
7.8%
$35.00
$484.00

 

(June 4 – 11)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.1%
$0.55
$18.310
Gold
X
 
1.4%
$16.50
$1,220.00
Platinum
X
 
0.8%
$12.00
$1,539.00
Palladium
X
 
2.0%
$9.00
$449.00

 

(May 28 – June 4)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.2%
-$0.77
$17.760
Gold
 
X
-0.3%
-$4.00
$1,203.50
Platinum
 
X
-1.8%
-$28.00
$1,527.00
Palladium
 
X
-6.6%
-$31.00
$440.00

 

Weekly U.S. Gold Coin News

In related news, the following link provides information on the latest United States Mint gold coin sales figures:

  • US Mint Sales: Bullion Gold Coins, Silver Eagles Rise
    United States Mint weekly coin sales figures were mixed for collector products. More demand was visible in bullion gold and silver offerings.

    Last week’s sales report included the entry of 2010 Fractional American Gold Eagles, with 310,000 combined 1/2 oz, 1/4 oz and 1/10 oz bullion coins sold. Total sales from their launch on June 10 through to June 24 are now up to 340,000.

    The popularity of the fractionals have been largely based on size, from smallest to largest. The 1/10 oz Gold Eagles account for nearly 78% of the total sales. With record bullion prices, investors and collectors are grabbing more of the least expensive, smaller gold pieces despite the fact that they carry the highest premiums over the spot price of gold…

 

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