Gold Prices Rise $68 on Week, Silver Over $2, US Mint Bullion Coins Slow

by Bullion Prices Staff on January 28, 2012

Gold price rose modestly Friday but surging increases on Wednesday and Thursday assured a weekly increase of $68.20, or 4.1%. Gold prices received a boost this week after the Fed’s FOMC said it expected to keep interest rates near zero until late 2014. The news was taken as inflationary and pressured the U.S. dollar which supported precious metals.

"Gold could build on its rally into next week and possibly close out the month of January with a gain, market participants said," writes Debbie Carlson of Kitco.

"Countries that celebrate the Lunar New Year, such as China, will return to work next week, and others said that momentum that started following the dovish statement by the Federal Open Market Committee on its long-term interest rate outlook will likely continue.

Still, some market watchers said given the nearly one-way move in commodity prices in general, gold and other markets could be due for a corrective pullback, which would mean lower values."

On Friday, February gold prices added $5.50, or 0.3%, to $1,732.20 an ounce on the Comex division of the New York Mercantile Exchange, trading between $1,714.20 an ounce and $1,735 an ounce. 

In other New York bullion futures closings on Friday, March silver futures prices rose 4.7 cents, or 0.1%, to $33.79 an ounce, March palladium futures prices lost $4.30 or 0.6%, to $690.15 an ounce and April platinum futures priced rose $6.20, or 0.4%, to $1,623 an ounce.

On the week, silver added 6.7%, palladium added 2.1% and platinum added 5.9%.

United States Mint Bullion Coins

Sales of United States Mint bullion coins were slower much of the week with several showing no increases for certain bullion products. The combined weekly levels for the American Gold Eagle bullion coins were the second lowest this month and behind last week while the American Silver Eagle registered its weakest week in 2012.

The latest sales of bullion coins are provided below in the daily and January 2012 columns.

Sales of United States Mint 2012 Bullion Coins
Monday Gains Tuesday Gains Wednesday Gains Thursday Gains Friday Gains January 2012
1 oz American Gold Eagle 7,500 0 1,000 0 3,500 79,500
1/2 oz American Gold Eagle 0 0 0 0 3,000 49,000
1/4 oz American Gold Eagle 0 0 0 0 6,000 38,000
1/10 oz American Gold Eagle 0 0 0 0 0 75,000
1 oz American Gold Buffalo 1,000 0 0 0 500 11,000
5 oz America the Beautiful Silver Coins 0 0 0 0 1,700 5,700
1 oz American Eagle Silver Coins 250,000 0 0 150,000 0 5,697,000

Notes: Figures above are in the number of bullion coins sold, not the not ounces.

In major United States Mint news which is not necessarily related to bullion, the following articles are of note:

Both articles discuss United States Mint prices on coins. The first provides the latest prices on numismatic gold coins which were raised Wednesday due to higher precious metals costs. The coins that went higher include the First Spouse Gold Coins, the American Gold Buffalo (proof) and the American Gold Eagle (proof) products.

The second article covers United States Mint announced prices for the upcoming 2012 commemorative coins including the Infantry Solder Silver Dollars and the gold and silver Star-Spangled Banner coins.

London Bullion Prices

London bullion prices were mixed on the final business day of the week. From the Thursday PM to Friday PM London Fix prices:

  • Gold prices dipped $1, or 0.1%, to $1,726 an ounce,
  • Silver added 13 cents, or 0.4 %, to $33.48 an ounce,
  • Palladium fell $14, or 2%, to $684 an ounce, and
  • Platinum declined $7, or 0.4%, to $1,608 an ounce

London bullion prices sported heft weekly gains. Precious metals advances included:

  • $73, or 4.4%, for gold,
  • $3.12, or 10.3%, for silver,
  • $15, or 2.2%, for palladium, and
  • $91, or 6%, for platinum

Refer to this site’s home page for always updated bullion prices and news.

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