Gold Prices Rise on Week as Other Metals Fall, Bullion US Mint Coins Slow

by Bullion Prices Staff on March 24, 2012

U.S. gold prices advanced 0.4% this week as investors turned to the yellow metal on Friday and pulled it up following weakness in the U.S. dollar. On the Comex division of the New York Mercantile Exchange, April gold futures prices gained $19.90, or 1.2%, to settle at $1,662.40 an ounce.

"This unexpected Friday gain," in gold, and gain on the week, "can be traced to not much other than a bolstered euro," MarketWatch cited Seth Rabinowitz, who covers commodities as a partner at Silicon Associates.

Gold prices have jumped $95.60, or 6.1%, this year. According to some analysts, gains could be further increased next week.

"Analysts look for the momentum to shift in gold’s favor next week, particularly now that the metal gained some technical traction this week by bouncing from a chart area that is now being viewed as nearby support," writes Allen Sykora of Kitco News.

"In the Kitco News Gold Survey, out of 37 participants, 24 responded this week. Of those, 11 see prices up, while eight see prices down and five see prices sideways or unchanged," Sykora relates.

In other futures prices on Friday, May silver prices added 92.7 cents, or 3%, to $32.27 an ounce, June palladium prices added $8.85, or 1.4%, to $659.90 an ounce, and April platinum prices added $15.80, or 1%, to $1,627.90 an ounce.

Despite gains on Friday, silver, palladium and platinum declined this week with respective losses of 1%, 6% and 2.8%. Each of the metals are still higher for the year, however. 2012 advances include 15.6% for silver, 0.6% for palladium and 15.9% for platinum.

United States Mint Bullion Sales

Nearly every United States Mint bullion coin climbed Friday after two consecutive days of zero reported increases. The lack of daily sales hurt weekly bullion coin totals as they were lower than the previous week’s totals. Gold bullion sales came to 16,500 ounces while they were at 19,000 last week. Bullion sales this week for the Silver Eagle reached 490,000. They were 902,000 last week.

The most recent bullion coin totals are offered in the daily, monthly and 2012 sales columns below.

Sales of United States Mint 2012 Bullion Coins
  Mon Tue Wed Thurs Fri Mar 2012 Sales
1 oz American Eagle Gold Coins 1,500 1,000 0 0 7,000 39,500 144,000
1/2 oz American Eagle Gold Coins 0 0 0 0 2,000 2,000 51,000
1/4 oz American Eagle Gold Coins 0 0 0 0 0 0 40,000
1/10 oz American Eagle Gold Coins 5,000 5,000 0 0 5,000 30,000 120,000
1 oz American Buffalo Gold Coins 0 0 0 0 4,500 23,000 43,500
5 oz America the Beautiful Silver Coins 900 0 0 0 0 1,400 7,400
1 oz American Eagle Silver Coins 215,000 0 0 0 275,000 2,137,000 9,734,000


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, March 12, 2012. All other bullion sales have an "as of date" of Friday, March 24, 2012, as published on the Mint website.

For recent coin news, the United States Mint published an updated coin schedule this week which covers released in April, May and June. Follow the link to read about upcoming releases of collector Gold and Silver American Eagle coins, annual sets, and Presidential $1 coin products.

London Bullion Prices

Bullion prices in London were mixed Friday and for the week. The following grid offers London PM Fix daily prices, gains or losses over the most recent two-days, and weekly changes across each precious metal.

London Fixings (PM)
  Mon Tue Wed Thurs Fri Daily Gain
Weekly Gain
Silver Prices $32.44 $32.22 $31.97 $31.79 $31.54 -$0.25
Gold Prices $1,661.50 $1,656.75 $1,649.25 $1,635.50 $1,664.00 $28.50
Platinum Prices $1,673.00 $1,656.00 $1,640.00 $1,607.00 $1,617.00 $10.00
Palladium Prices $702.00 $699.00 $690.00 $658.00 $658.00 No


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