Gold Prices Rise for Third Straight Week, Silver and Platinum Advance

by Bullion Prices Staff on June 12, 2010

U.S. gold prices climbed for a third consecutive week, although they ended lower than the all-time high of $1,254 an ounce hit earlier Tuesday, June 8.

"Most people still want to hold gold as a risk hedge," Marty McNeill, a trader at R.F. Lafferty Inc. in New York, said on Bloomberg. "Gold hasn’t broken down in a big way like other assets because of the situation in Europe."

In New York metals weekly prices, August gold closed to $1,230.20 an ounce, rising $12.50 or 1.0%.

"Gold is a barometer of risk right now," James Moore, an analyst with Thebulliondesk.com in the U.K. was quoted on MarketWatch. "There’s still good level of investor support" on continued worries about Europe’s debt situation.

July silver rallied to $18.231 an ounce, gaining 93.2 cents or 5.4%. July platinum closed to $1,535.00 an ounce, increasing $9.70 or 0.6%. September palladium finished at $448.55 an ounce, soaring $17.55 or 4.1%.

In London bullion weekly prices, the gold fix was $1,220.00 an ounce for a gain of $16.50 or 1.4%.

"I think gold is going to struggle, provided we don’t get another bout of extreme risk aversion," RBS Global Banking & Markets analyst Daniel Major, said on Reuters.

"We are going into the weakest period for jewelry offtake, and high and volatile prices in local currencies are likely to compound any seasonal weakness," he said. "From that point of view, there is not going to be much support from the physical market."

In other metals, silver was $18.310 an ounce for an increase of 55.0 cents or 3.1%. Platinum was $1,539.00 an ounce for a pick up of $12.00 or 0.8%. Palladium was $449.00 an ounce, adding $9.00, or 2.0%.

To follow are silver, gold, platinum and palladium performance tables for the last several weeks.

London Fix Weekly Bullion Prices – June 2010

(June 4 – 11)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
3.1%
$0.55
$18.310
Gold
X
 
1.4%
$16.50
$1,220.00
Platinum
X
 
0.8%
$12.00
$1,539.00
Palladium
X
 
2.0%
$9.00
$449.00

 

(May 28 – June 4)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.2%
-$0.77
$17.760
Gold
 
X
-0.3%
-$4.00
$1,203.50
Platinum
 
X
-1.8%
-$28.00
$1,527.00
Palladium
 
X
-6.6%
-$31.00
$440.00

Weekly U.S. Gold News

In related news, the following link provides information on the newly released United States Mint bullion coins:

  • 2010 Fractional American Gold Eagles
    Buyers will have another group of bullion coins to select from beginning on Thursday. That is the day 2010 Fractional American Gold Eagles will be available, the United States Mint announced last week in a memorandum to its network of authorized purchasers.

    "The United States Mint will begin accepting orders for 2010-dated American Eagle One-Half, One-Quarter and One-Tenth Ounce Gold Bullion Coins on Thursday, June 10, 2010," stated the memo.

    "These coins will initially be offered for sale through the United States Mint standard allocation process."

    By allocation, the Mint essential is saying it will be rationing how many of the eagles it will sell at any given time…

 

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