Gold Prices Rise, but Silver Declines

by Bullion Prices Staff on January 19, 2011

U.S. gold prices edged higher Wednesday as a falling dollar boosted interest in the yellow metal. February gold added $2, or 0.1%, to finish the day at $1,370.20 an ounce on the Comex division of the New York Mercantile Exchange.

"The U.S. dollar index was under strong selling pressure again Wednesday and hit another fresh two-month low as the greenback bears have gained fresh downside near-term technical momentum," wrote Jim Wyckoff over at Kitco News. "If the U.S. dollar index continues on a downward path in the near term, look for gold prices to trade sideways to higher."

Wyckoff added that "reports said good physical demand for gold from Asia, at the present lower price levels than seen last month, has also kept the gold market supported this week."

Gold’s lowest price of the day was at $1,365.50 an ounce. Its highest intraday point was $1,378.90 an ounce.

Silver was the only precious metal to decline Wednesday. March silver futures prices ended down 11.1 cents, or 0.4%, to end at $28.80 an ounce.

In other metals, March palladium rallied $9.30, or 1.1%, to close at $819.75 an ounce while April platinum rose $9.80, or 0.5%, to finish at $1,838.10 an ounce.

United States Mint bullion coin sales levels remained the same as the prior day which are shown below. For a detailed breakout of recent numismatic coin sales, read US Mint sales.

January 2011 U.S. Mint Bullion Coin Sales
  Previous Daily Gain Daily Gain 2011 Totals
1 oz American Gold Eagle 12,000 0 73,000
1/2 oz American Gold Eagle 0 0 1,000
1/4 oz American Gold Eagle 2,000 0 2,000
1/10 oz American Gold Eagle 0 0 15,000
American Silver Eagle 1,181,000 0 4,588,000

Figures above are in coins, not ounces sold.

In PM London bullion prices, the benchmark gold Fix climbed higher by $2.50, or 0.2%, to $1,372 an ounce. Silver was $29.32 an ounce, improving by 53 cents or 1.8%. In PGM metals, palladium rose $19, or 2.4%, to $824 an ounce and platinum added $21, or 1.2%, to $1,845 an ounce.

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