Gold Prices Set Fresh Record, Bullion Gold Coins Advance

by Bullion Prices Staff on March 2, 2011

U.S. bullion prices advanced Wednesday as gold settled to a new all-time record high and silver hit its best price in 31 years.

The topics cited for gains remained unchanged — inflation concerns, a weaker dollar, and turmoil in the Middle East and North Africa.

April gold futures prices rose $6.50, or 0.5% to $1,437.70 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal hit an intraday low of $1,428.20 an ounce and a high of $1,441.00 an ounce.

"People are buying gold because they believe that commodity inflation is coming," Leonard Kaplan, the president of Prospector Asset Management in Evanston, Illinois, said and was quoted on Bloomberg. "The geopolitical tension in the Middle East is forcing the price of oil into the atmosphere, and that is going to derail the economy."

Silver performed the best on Wednesday, rising 1.2%. It advanced 40.8 cents to finish at $34.84 an ounce. The price was its highest since 1980.

Palladium and platinum gains were in the middle of gold and silver, with respective increases of 0.7% and 0.8%. Palladium advanced $5.95 to settle at $822.65 an ounce and platinum advanced $14.20 to close at $1,859.30 an ounce.

Uncharacteristically, United States Mint American Silver Eagle bullion coins have not seen their sales number change since Monday. However, the one-ounce America Gold Eagle bullion coins managed to make their first March appearance, rising 6,000.

For a deeper look at recent bullion and numismatic coin performances, check out this US Mint coin sales article.

Also in the news Wednesday, the US Mint raised gold coin prices for its numismatic products in response to higher gold prices over the last week. The products to see higher prices include the First Spouse Gold Coins and the proof American Buffalo Gold Coin. Each of these are composed of 24-karat gold. The First Spouse Gold Coins have one-half ounce of the metal while the Buffalos are minted in one ounce.

Daily, March and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Eagle 6,000 6,000 209,000
1/2 oz American Gold Eagle 0 0 13,000
1/4 oz American Gold Eagle 0 0 18,000
1/10 oz American Gold Eagle 0 0 120,000
American Silver Eagle 0 0 9,662,000

Figures above are in coins, not ounces sold.

Bullion prices in London advanced. Comparing the PM fix prices on Wednesday from Tuesday, the gold and platinum fixings were each 1% higher. Gold rose $14.75 to $1,435.50 and platinum added $18 to $1,846. Silver and platinum each gained 1.1%. Silver was fixed 38 cents higher to $34.75 and palladium added $9 to $821.

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