Gold Prices Return to 8-Week High, Bullion Coins Unchanged

by Bullion Prices Staff on September 2, 2010

U.S. bullion prices rose in unison Thursday, with gold rebounding to a fresh eight-week high and above $1,250 an ounce. A weaker dollar and safe-haven buying were noted catalysts. Investors are sitting on pins and needles waiting on Friday’s jobs report.

"The U.S. dollar index was trading lower Thursday, pressured in part by some better economic news coming out of the European Union that did support the Euro currency. The greenback bulls are fading this week. Further weakness in the U.S. currency will continue to attract buying interest in the precious yellow metal," noted Jim Wyckoff of Kitco News.

"U.S. economic data out Thursday had little price impact on the gold market. Precious metals traders are anxiously awaiting Friday’s U.S. employment report, which is expected to show the key non-farm payrolls figure to be down 123,000 in August, following a decline of 131,000 jobs in July. The unemployment rate is forecast to come in at 9.6% from the July reading of 9.5%. Gold would likely get a price boost if the jobs report shows significantly more weakness than expected, and would likely be pressured by a stronger-than-expected jobs reading."

In New York bullion prices, gold futures for December delivery closed to $1,253.40 an ounce for a pick up of $5.30 or 0.4%. Gold’s lowest intraday point was $1,245.30 while its highest level was $1,255.20.

Silver for September delivery ended at $19.672 an ounce, gaining 27.9 cents or 1.4%. In other metals, October platinum was $1,551.50 an ounce for an increase of $15.80 or 1% while December palladium was $525.25 an ounce for an increase of $5.15 or 1%.

In London bullion prices, the gold fix was  $1,248.50 an ounce for a modest advance of $2.00 or 0.2%. London silver came in at $19.450 an ounce for a loss of 2 cents or 0.1%.

In PGM metals, platinum was $1,550.00 an ounce, which was $19.00 or 1.2% higher while palladium was $521.00 an ounce for a gain of $1.50 or 0.3%.

In United States Mint gold coin news, the U.S. Mint issued Buchanan’s Liberty Gold Coins at noon ET on Thursday. The .9999 fine gold pieces are the 16th in a series which began in 2007. Buyers may purchase the 1/2 oz gold proof coins for $779 and the 1/2 oz uncirculated gold coins for $766. The prices may change weekly based on the prevailing cost of gold.

In bullion coins, the Mint has still not reported any sales for September, although it is likely orders were placed.

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