Gold Prices Mark Four Straight Weeks of Gains

by Bullion Prices Staff on May 15, 2010

U.S. gold prices rallied for a fourth straight week while other metals posted weekly gains after falling during the prior one. All precious metals dipped at least slightly on Friday, with gold dropping from an earlier all-time intraday high of $1,249.70 an ounce. A variety of factors were given credit for gold’s decline, including profit-taking and investors selling to cover equity market losses.

"A lot of cash is coming out of the gold market to meet margin calls," Adam Klopfenstein, a senior market strategist at Lind-Waldock in Chicago, said on Bloomberg. "People need to raise cash and sell the positions that have been the most profitable."

In New York metals weekly prices, June gold ended at $1,227.80 an ounce, climbing $17.40, or 1.4%. July silver closed to to $19.225 an ounce, rising 77.4 cents, or 4.2%. July platinum closed to $1,715.40 an ounce, gaining $49.60, or 3.0%. June palladium ended at $527.90 an ounce, improving $17.70, or 3.5%, for the week.

"Investment demand for precious metals is likely to remain strong in the coming weeks as uncertainty lingers about the effective implementation of austerity measures in troubled sovereigns across Europe," analysts at Credit Suisse in a note cited on MarketWatch.

In London bullion weekly prices, the gold fix was $1,236.50 an ounce for an increase of $34.25, or 2.8%. Silver was $19.640 an ounce, gaining $1.94, or 11.0%. Platinum was $1,721.00, adding $70.00, or 4.2%. Palladium was $536.00, advancing $31.00, or 6.1%.

To follow are silver, gold and platinum performance charts and bullion coin news.

London Fix Weekly Bullion Prices – May 2010

(May 7 – 14)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
11.0%
$1.94
$19.640
Gold
X
 
2.8%
$34.25
$1,236.50
Platinum
X
 
4.2%
$70.00
$1,721.00
Palladium
X
 
6.1%
$31.00
$536.00

 

(April 30 – May 7)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.9%
-$0.92
$17.700
Gold
X
 
2.0%
$23.00
$1,202.25
Platinum
 
X
-5.0%
-$87.00
$1,651.00
Palladium
 
X
-8.5%
-$47.00
$505.00

Weekly U.S. Gold and Silver Coin News

In related news, the following link provides a breakout of the latest United States Mint sales figures for bullion and numismatic coins:

  • US Gold Coin Sales Soar in May
    U.S. gold bullion coin purchases are soaring this week and for May, already nearing or surpassing past monthly totals with just 13 days of sales recorded.

    As gold continues to score all-time record highs, investors are buying United States Mint gold coins to the tune of 114,000 ounces this month. An additional 3,001 will register May as the best sales month in 2010…

  • US Mint Collector Coin Sales Decline in May Start
    Demand for collector coins fell during the first week of May, according to the latest United States Mint sales figures.

    In fact, many products lost ground and were actually adjusted downward from their previous tally, including…

 

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