Bullion prices tumbled Friday but two of four major precious metals still pulled out gains on the week — gold prices added 1.8% and palladium prices added 0.4%. Weekly losses were held to silver at 1.1% and platinum at 1.2%.
On Friday, June gold prices declined $20.40, or 1.2%, to $1,660.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded between $1,649.70 an ounce and $1,679.20 an ounce. Losses on the day were attributed to a stronger U.S. dollar and a general movement away from commodities and stocks.
"Especially in the United States, the investment climate is very neutral towards gold at this stage. People really need to see a policy catalyst before they come back aggressively," Standard Bank analyst Walter de Wet said, according to Reuters.
"On the physical side, from the end of this month there is really no seasonal demand coming until August," he added. "It is going to be difficult to break much higher if we don’t have this physical buying supporting any investment demand coming through for the next two or three months."
In other New York bullion prices on Friday, May silver futures fell $1.14, or 3.5%, to $31.39 an ounce, June palladium futures declined $5.90, or 0.9%, to $647.20 an ounce, and July platinum futures fell $18.10, or 1.1%, to $1,587.90 an ounce.
United States Mint Bullion Coin Sales
Bullion coin sales results were higher this week than last one. In gold bullion coins, the United States Mint sold a total of 11,500 ounces for the week, topping the 8,000 ounces in the prior week. In silver bullion coins, 461,000 ounces were moved versus the previous 320,000 ounces. The majority of those, of course, came from the bullion American Silver Eagle.
The most recent bullion coin totals are offered in the daily, monthly and 2012 sales columns below.
|United States Mint 2012 Bullion Coin Sales|
|1 oz American Eagle Gold Coin||500||0||6,000||0||1,000||7,500||11,000||173,000|
|1/2 oz American Eagle Gold Coin||0||0||0||0||0||0||0||51,000|
|1/4 oz American Eagle Gold Coin||0||0||0||0||0||0||0||40,000|
|1/10 oz American Eagle Gold Coin||0||0||0||0||0||0||5,000||135,000|
|1 oz American Buffalo Gold Coin||1,000||0||3,000||0||0||4,000||7,000||53,500|
|5 oz America the Beautiful Silver Coins||200||0||0||0||0||200||200||8,000|
|1 oz American Silver Eagle||240,000||0||177,000||43,000||0||460,000||780,000||10,919,000|
Notes: Figures above are in coins, not ounces sold. The United States Mint last updated sales of its 5 oz. America the Beautiful Silver Bullion Coins on Monday, April 9, 2012. All other bullion sales have an "as of date" of Friday, April 13, 2012, as published on the Mint website.
The biggest news of the week for the United States Mint is the release of the 2012-W American Silver Eagle Proof. The collectible coin — the Mint’s most popular numismatic single coin offering of the year — is available for $59.95.
London Bullion Prices
London bullion prices were mostly higher Friday and all precious metals made gains during the shortened holiday week. The following grid offers London PM Fix daily prices through this week with gains and losses over the most recent two-days and on the week.
|London Bullion Price Fixings (PM)|
Refer to this site’s home page for always updated bullion prices and news.