Gold Prices Fall to 6-Week Low, Bullion Eagles Rise – July 6, 2010

by Bullion Prices Staff on July 6, 2010

New York gold futures on Tuesday settled to their lowest price since May 24. The metal also fell below $1,200 an ounce for the first since May 25.

"Rallying U.S. and European stock markets and a stronger Euro currency helped to pressure the precious yellow metal. Technically related selling was also seen Tuesday," noted Jim Wyckoff of Kitco News.

In New York precious metals prices, August gold was $1,195.10 an ounce for a loss of $12.60 or 1%. Gold’s lowest intraday level was at $1,189.50 while its high hit $1,215.10.

"A slice of the pie is going toward stocks at the expense of gold today," Richard Ross, technical analyst at Auerbach & Grayson in New York, was quoted on MarketWatch. Gold prices finished 3.2% lower on July 1. With such a loss, "it takes a couple of days to regain your legs," Ross added. "Investors are showing a little reticence in stepping back in."

In other U.S. metals prices: September silver closed to $17.857 an ounce, rising 13.8 cents or 0.8%; October platinum ended at to $1,518.70 an ounce, advancing $15.10 or 1.0%; September palladium closed to to $440.40 an ounce, gaining $13.50 or 3.2%.

In London bullion prices, the afternoon gold fix was $1,195.00 an ounce for a loss of $13.00 or 1.1%.

"With gold touching its lowest close in over a month, we see these levels as a good entry point for fresh long positions," Hussein Allidina, the head of commodity research at Morgan Stanley, said in a report cited on Bloomberg.

London silver was unchanged at $17.85 an ounce. In PGM metals, platinum was $1,509.00 an ounce for a gain of $3.00 or 0.2% while palladium was $432.00 an ounce, also rising by $3.00 but at an increase rate of 0.7%.

In bullion coin news, a deeper look at United States Mint American Eagle bullion demand during June is provides via two sister sites:

In ounces of gold and silver sold by the U.S. Mint in June, American Silver Eagles added 3,001,000; American Gold Eagles advanced 151,500 and American Buffalo Gold pieces climbed 33,500.

In new sales since last Friday, all but 2010 fractional Gold Eagles moved higher. Below are the latest bullion totals as published by the Mint.

U.S. Mint Bullion Coin July 2010 Sales

American Buffalo Gold 33,500 2,500 163,000
American Eagle Gold 1 oz 97,000 26,500 645,000
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 0 280,000
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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