Gold Prices Slide Slightly, Silver Declines Toward $34

by Bullion Prices Staff on May 16, 2011

U.S. bullion prices were mixed for a third session Monday. Gold, silver and platinum futures declined while palladium advanced.

June gold prices lost $3, or 0.2%, to $1,490.60 an ounce on the Comex in New York. The yellow metal reached a high of $1,504.30 an ounce and fell as low as $1,486 an ounce.

"There is no sign that gold has peaked," Martin Murenbeeld, the chief economist at Toronto-based DundeeWealth Inc., was quoted on Bloomberg. "We’re going to find that the U.S. economy is not very strong," he said. "A low interest-rate environment will remain for possibly all of 2012. The dollar goes down."

In other precious metals prices, July silver lost 88.1 cents, or 2.5%, to $34.13 an ounce, June palladium rose $7.05, or 1.0%, to $713.50 an ounce, and July platinum declined $9.30, or 0.5%, to $1,760 an ounce.

In comparing current to previous London bullion PM fixing prices:

  • Gold prices declined $5, or 0.3%, at $1,500.75 an ounce
  • Silver fell $1.85, or 5.1%, at $34.35 an ounce
  • Palladium declined $5, or 0.7%, at $713 an ounce
  • Platinum lost $14, or 0.8%, at $1760 an ounce

United States Mint bullion coin sales were unchanged from Friday.

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