Gold Prices Fall Slightly; Bullion Coins Rise – July 8, 2010

by Bullion Prices Staff on July 8, 2010

New York gold prices fell slightly on Thursday as investors took on more risk and safe-haven buying was muted.

"Comex gold futures prices closed modestly lower and near the middle of the day’s trading range Thursday," noted Jim Wyckoff of Kitco News. "An increase in investor risk appetite has pulled some buying interest way from gold, which has been a safe-haven asset during times of heightened investor uncertainty. However, higher crude oil prices Thursday did limit the downside pressure on gold."

In New York precious metals prices, August gold was $1,196.10 an ounce for a loss of $2.80 or 0.2%. Gold’s low point on the day was $1,187.30 while its high reached $1,208.20.

"Recent gold buying had been on fear, with the euro being a sector of major concern," Adam Klopfenstein, senior market strategist at Lind-Waldock in Chicago, was quoted on MarketWatch. But with "continued optimism in the euro currency, you’re seeing an unwinding of the buy-gold-sell-euro trade. This, and there are no new specific fears or inflation threats that are driving investors to gold."

In other U.S. metals prices, September silver closed to $17.872 an ounce for a loss of 12.8 cents or 0.7% and October platinum ended at $1,516.40 an ounce, declining $10.00 or 0.7%. September palladium was the single precious metal gainer in New York. The metal rose $2.05 or 0.5% to end at $444.40 an ounce.

In London bullion prices, the afternoon gold fix was $1,193.50 an ounce for an increase of 25 cents.

"Gold looks like it wants to go lower," Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois, was quoted on Bloomberg. "It doesn’t have any upward interest."


The London silver fix was $18.00 an ounce, rising 35 cents or 2.0%. In PGM metals, platinum was $1,528.00 an ounce for an increase of $16.00 or 1.1% while palladium was $447.00 an ounce for a gain of $8.00 or 1.8%.

In bullion coin news, the latest United States Mint weekly coin sales figures are available at US Mint Sales: America the Beautiful Quarters, Silver Coins. Below are the latest bullion totals as published by the U.S. Mint. Advances include:

  • American Buffalo Gold coins climbed 5,000. Their last gain was reported on July 6.
  • One ounce American Gold Eagles increased 13,000. Their numbers last increased on July 6.
  • One-Tenth ounce American Gold Eagles advanced 10,000. Their last gain was on June 25.

U.S. Mint Bullion Coin July 2010 Sales

American Buffalo Gold 33,500 7,500 168,000
American Eagle Gold 1 oz 97,000 39,500 658,000
American Eagle Gold ½ oz 31,000 0 31,000
American Eagle Gold ¼ oz 44,000 0 44,000
American Eagle Gold 1/10 oz 280,000 10,000 290,000
American Eagle Silver 3,001,000 875,500 19,044,000


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

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