Gold Prices Near Record, Silver Rallies, Bullion Coins Unchanged

by Bullion Prices Staff on April 14, 2011

U.S. bullion prices jumped Thursday, supported by a softer dollar, higher oil prices and weaker U.S. economic data. Gold prices settled near a new record while silver prices exploded to close at a more than three-decade high.

June gold prices rose $16.80, or 1.2% to $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange.

"The combination of higher oil prices, weaker dollar and the resurrection of discussions of Greek sovereign risk problems has galvanized the gold market. It’s particularly impressive because we ran into selling above the market yesterday," James Steel, chief commodity analyst at HSBC said and was cited on Reuters.

U.S. economic news that supported inflation-hedge buying of gold was the report that producer prices rose more than expected last month. Reuters noted that "core U.S. producer prices rose slightly faster than expected in March from February and the increase from a year ago was the largest since August 2009."

"We are seeing increasing inflationary expectations, and investors are putting on hedges," Matthew Zeman, a strategist at Kingsview Financial in Chicago was cited on Bloomberg. "Gold is catching a nice bid."

Gold prices traded at an intraday low of $1,453.20 an ounce and a high of $1,475.20 an ounce.

May silver prices soared $1.44 to $41.64 an ounce, which was its highest closing price in 31 years and its biggest daily score since last December. Silver’s intraday high of $41.78 an ounce was lower than the ultimate 31-year intrday high reached on Monday at $41.98 an ounce.

In PGM futures prices, June palladium rose $8.95, or 1.2% to $774.25 an ounce and July platinum advanced $18.40, or 1.0% to $1,795.60 an ounce.

In comparing London bullion PM fixing prices on Thursday from those on Wednesday:

  • Gold added $8.25, or 0.6%, to $1,465.75 an ounce
  • Silver rose 45 cents, or 1.1%, to $40.67 an ounce
  • Palladium fell $10, or 1.3%, to $763 an ounce
  • Platinum dropped $14, or 0.8, to $1,772 an ounce

United States Mint sales figures for its bullion coins remained unchanged Thursday. For a look at recent bullion and numismatic coins the United States Mint has sold, read:

The latest published daily, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 7,500 0 45,500
1 oz American Gold Eagle 44,000 0 307,500
1/2 oz American Gold Eagle 0 0 21,000
1/4 oz American Gold Eagle 0 0 38,000
1/10 oz American Gold Eagle 10,000 0 170,000
American Silver Eagle 1,374,000 0 13,803,000

Figures above are in coins, not ounces sold.

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