Gold Prices Rebound, Silver Futures Decline

by Bullion Prices Staff on May 12, 2011

U.S. bullion prices were mixed Thursday as gold rebounded 0.4%, silver declined 2%, palladium added 0.2% and platinum lost 0.4%. U.S. dollar weakness and higher oil prices were cited for gains in gold prices.

The yellow metal’s June contract advanced $5.40 to $1,506.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices touched a low of $1,477.60 and a high of $1,509.70 an ounce.

"Comex gold futures ended modestly higher while the silver futures market ended modestly lower. However, it was a moral victory for the precious metals bulls today as the markets made a strong recovery from strong early selling pressure," noted Jim Wyckoff of Kitco News. "A solid rebound in crude oil prices and a weakening U.S. dollar index as the trading session wore on Thursday did work to support buying interest in gold and silver."

July silver lost 71.8 cents to $34.80 an ounce, trading between $32.30 an ounce and $35.89 an ounce.

In PGM futures prices, June palladium climbed $1.45 to $716.85 an ounce as July platinum declined $6.80 to $1,771.00 an ounce.

In comparing current to previous London bullion PM fixing prices:

  • Gold prices declined $18.50, or 1.2%, at $1,489.50 an ounce
  • Silver lost $6.68, or 17%, at $32.50 an ounce
  • Palladium fell $10, or 1.4%, at $715 an ounce
  • Platinum stepped back $33, or 1.8%, at $1760 an ounce

No bullion coin changes were published by the United States Mint on Thursday. The figures below are the same as Wednesday.

2011 United States Mint Bullion Coins
  Daily
Gains
May
2011
2011 Totals
1 oz American Gold Buffalo 0 5,000 63,500
1 oz American Gold Eagle 0 68,500 426,500
1/2 oz American Gold Eagle 0 19,000 52,000
1/4 oz American Gold Eagle 0 4,000 56,000
1/10 oz American Gold Eagle 0 15,000 215,000
5 oz America the Beautiful Silver 0 54,400 237,800
American Silver Eagle 0 1,421,000 16,669,000

Figures above are in coins, not ounces sold.

In numismatic coin news, the United Sates Mint has announced the release date of the five-ounce Yellowstone National Park Silver Uncirculated Coin. The Mint intends to launch the coin on May 17 for a price of $279.95. For more, read the silver coin article on SilverCoinsToday.com.

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