Gold Prices Rise, Bullion 2010 Fractional Eagles Advance – June 29, 2010

by Bullion Prices Staff on June 29, 2010

New York gold prices finished higher on Tuesday as haven buying rose following news that China’s economic growth may be slowing coupled with similar fears for the U.S. after faltering consumer sentiment numbers were revealed.

"A stronger U.S. dollar index and solidly lower crude oil futures prices did limit the upside in gold Tuesday. The greenback has strengthened Tuesday and U.S. stock indexes saw strong selling pressure following overnight news that China’s leading economic indicators have been revised downward," noted Jim Wyckoff of Kitco News. "The weak Asian news was complemented by Tuesday morning’s release of a weaker-than-expected U.S. consumer confidence index," added Wyckoff.

In New York precious metals prices, August gold was $1,242.40 an ounce for an increase of $3.80 or 0.4%. Its intraday low touched $1,227.60 while its high reached $1,246.00.

"The longer the stock market stays lower, and with all the commodities trading weaker, investors who initially just sat around are now buying gold in a flight to quality," Adam Klopfenstein, senior market strategist at MF Global’s unit Lind-Waldock, was quoted on Reuters.

September silver finished at $18.635 an ounce for a loss of 8.3 cents or 0.4%. In PGM metals, October platinum close to $1,555.10 an ounce, falling $15.30 or 1.0% while September palladium ended at $454.40 an ounce for a loss of $18.05 or 3.8%

In London bullion prices, the afternoon gold fix was $1,234.50 an ounce for a loss of $26.50 or 2.1%.

"With Chinese growth concerns surfacing and European Union default fears on the rise, we expect investor [gold] dip-buying to provide further background support," James Moore, an analyst at in London, was cited on Bloomberg.

London silver was $18.570 an ounce for a loss of 54 cents or 2.8%. Platinum was $1,545.00 an ounce, declining $36.00 0r 2.3%. And palladium was $463.00 an ounce, slipping $18.00 or 3.7%.

In bullion coins this week, the United States Mint sold 2010 fractional Gold Eagles in the 1/10 oz size, 1 oz American Gold and Silver Eagles and American Buffalo Gold coins. Their latest tallies for the mont and year follow:

U.S. Mint Bullion Coin Sales in June

June 2010 2010 Total
American Buffalo Gold 32,500 159,500
American Eagle Gold 1 oz 88,500 610,000
American Eagle Gold ½ oz 31,000 31,000
American Eagle Gold ¼ oz 44,000 44,000
American Eagle Gold 1/10 oz 280,000 280,000
American Eagle Silver 3,001,000 18,168,500


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