Gold Prices Extend Gains, Bullion Silver Eagles Advance

by Bullion Prices Staff on February 24, 2011

U.S. bullion prices were mixed Thursday as silver retreated while gold, platinum and palladium registered slight gains. Safe-haven buying attributed to rising unrest in Libya which combined with inflation worries fueled gold prices to a fresh seven-week high.

AprilĀ gold futures prices added $1.80, or 0.1%, to $1,415.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the highest since Jan. 3.

"The support we’ve seen for gold, given what is happening in the Middle East, is obviously to do with the political issues, but I think it’s got more to do with the rising inflation expectations on the back of the rapidly increasing oil price," Standard Bank analyst Walter de Wet, said and was quoted on Reuters. "Given that we’ve got negative real interest rates once again and higher oil prices … we think there’s still a couple of bucks in there," he said, of gold’s potential to gain further.

Gold hit an intraday low price of $1,408.30 and reached as high as $1,418.80.

March silver futures pricesĀ slipped 13.2 cents, or 0.4%, to settle at $33.17 an ounce. It is the first time silver has fallen in New York since a week ago Thursday.

In PGM futures prices, palladium rose $3.20, or 0.4%, to close at $777.75 an ounce and platinum added $10.10, or 0.6%, to settle at $1,786.80 an ounce.

American Gold Eagles were quiet Thursday, according to the latest published bullion coin sales figures from the U.S. Mint. Bullion Silver Eagles, however, advanced 25,000.

For a deeper look at recent bullion and numismatic silver coin performances, check out sister site SilverCoinsToday.com and read the article about the new 9 million Silver Eagle milestone.

Daily, February and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
  February
2011
Daily
Gain
2011
Totals
1 oz American Gold Eagle 63,500 0 194,000
1/2 oz American Gold Eagle 12,000 0 13,000
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 2,663,500 25,000 9,085,500

Figures above are in coins, not ounces sold.

London bullion prices were mixed. Gold advanced as other precious metals declined. The PM gold fix was $1,411.50 an ounce for a pick-up of $2.25, or 0.2%.

The London silver fixing was nearly unchanged, falling one cent to $33.28 an ounce.

In PGM London metals prices, palladium declined $39, or 4.8%, to $770 an ounce while platinum ended $22, or 1.2%, lower to $1,772 an ounce.

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