Gold Prices Step Back, All U.S. Mint Bullion Coin Types Rise

by Bullion Prices Staff on March 24, 2011

U.S. gold prices reached a new record on Thursday but then gave away gains and snapped a string of six consecutive session improvements.

April gold futures prices lost $3.10, or 0.2%, to $1,434.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold hit an intraday high of $1,448.60 an ounce, marking a new record.

"Comex gold futures in late trading Thursday backed down from an all-time record high of $1,448.60, scored in mid-morning dealings," noted Jim Wyckoff of Kitco News. "Some traders decided to ring the cash register and take some profits after the new high was scored. Such a move is not surprising and is not unhealthy for the market."

May silver advanced 17.7 cents, or 0.5%, to $37.375 an ounce. It was another 31-year high for silver and marks its fifth straight session gain.

In PGM futures prices, June palladium rose $2.95, or 0.4%, to $752.25 an ounce while April platinum stuck to its same Wednesday price of $1,760 an ounce

London bullion prices were firmer than in New York. In comparing PM fixing prices on Thursday to those of Wednesday:

  • Gold added $7.50, or 0.5%, to $1,447 an ounce
  • Silver increased $1.20, or 3.3%, to $37.78 an ounce
  • Palladium advanced $19, or 2.6%, to $758 an ounce
  • Platinum rose $18, or 1%, to $1,762 an ounce

Sales of U.S. Mint bullion coins improved over Wednesday, with gains in all but two of the middle sized American Gold Eagles. The daily, March and 2011 bullion sales figures follow:

2011 U.S. Mint Bullion Coin Sales
  March
2011
Daily
Gain
2011
Totals
1 oz American Gold Buffalo 35,000 3,000 35,000
1 oz American Gold Eagle 49,000 2,500 252,000
1/2 oz American Gold Eagle 4,000 0 17,000
1/4 oz American Gold Eagle 20,000 0 38,000
1/10 oz American Gold Eagle 35,000 5,000 155,000
American Silver Eagle 2,117,000 47,500 11,799,000

Figures above are in coins, not ounces sold.

For a closer look at recent bullion and numismatic coin weekly performances, read the latest US Mint sales article on CoinCollectingNews.org.

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