Gold Prices Retreat Modestly, Silver Drops 0.6%, Silver Bullion Coins Rise

by Bullion Prices Staff on September 1, 2011

After two straight days of gains, gold prices closed lower in New York on Thursday. December futures fell $2.60, or 0.1%, to $1,829.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices hit an intraday low at $1,815.50 an ounce. The high reached $1,833.60 an ounce.

"The manufacturing data is putting some pressure on gold, and a stronger dollar is not helping matters," David Meger, the director of metal trading at Vision Financial Markets in Chicago, said in a telephone interview according on Bloomberg. "We will probably see some consolidation at current levels."

The Institute for Supply Management (ISM) reported that the factory activity index was 50.6 last month — a slow crawl, but higher than most forecasts.

December silver futures ended down 23.6 cents, or 0.6%, to $41.53 an ounce.

PGM futures turned lower in New York as well, although December palladium remained nearly unchanged at a loss of 5 cents to $790.40 an ounce. October platinum dropped $3.30, or 0.2%, at $1,852.90 an ounce.

London Bullion Prices

Bullion prices in London were split, with gold and silver higher and PGM metals lower. PM fixing prices included the following daily changes:

  • Gold prices gained $7.50, or 0.4%, at $1,821 an ounce
  • Silver added 12 cents, or 0.3%, at $41.47 an ounce
  • Palladium declined $6, or 0.8%, at $777 an ounce
  • Platinum declined $2, or 0.1%, at $1,8430 an ounce

American Bullion Coins

American Eagle silver bullion coins added 42,000 on the first day of the month. No other gains for the day were reported across the U.S. Mint’s other bullion products. Refer to the end of August report for a brief recap on how the Mint’s other coins performed las month.

The latest bullion figures are provided below in the daily, September 2011 and YTD 2011 columns.

Sales of United States Mint 2011 Bullion Coins
1 oz American Gold Buffalo 0 119,500
1 oz American Gold Eagle 0 672,500
1/2 oz American Gold Eagle 0 61,000
1/4 oz American Gold Eagle 0 70,000
1/10 oz American Gold Eagle 0 320,000
5 oz America the Beautiful Silver 0 380,900
1 oz American Silver Eagle 42,000 28,993,000


Notes. Figures above are in coins, not ounces sold. The United States Mint last updated 5 oz. America the Beautiful Silver Bullion Coin sales on Tuesday, August 30, 2011. All other figures have an "as of date" of Thursday, September 1, 2011.

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