Gold Prices Top $1530, Silver Jumps

by Bullion Prices Staff on April 28, 2011

US bullion prices¬†rallied for a second day, with gold hitting a new record and silver closing to a fresh 31-year high. Palladium and platinum gained as well. The weight of the Fed’s words yesterday continued to pressure the greenback, which lifted precious metals prices.

June gold prices gained $14.10, or 0.9%, to $1,531.20 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal hit a low of $1,523.90 an ounce and a high of $1,538.80 an ounce.

"What’s behind gold’s rally is investors’ fear over the dollar’s decline," Hwang Il Doo, a Seoul-based senior trader at KEB Futures Co., was quoted on Bloomberg. "As long as the U.S. keeps interest rates low, it’s perceived by the market to buy more gold."

July silver prices rallied $1.55, or 3.4%, to $47.54 an ounce. Silver reached an intraday high of $49.560, which was 29 cents lower than the $49.85 an ounce price that was briefly touched on Monday.

Are silver prices too hot to rationalize in buying? That is the topic of this MarketWatch video:

 

In PGM futures prices, June palladium added $17.20, or 2.3%, to $775.30 an ounce and July platinum added $20.70, or 1.1%, to $1,839.90 an ounce.

In comparing current to previous London bullion PM fixing prices:

  • Gold rose $24.50, or 1.6%, at $1,535.50 an ounce
  • Silver gained $3.40, or 7.5%, at $48.70 an ounce
  • Palladium added $23, or 3.1%, at $777 an ounce
  • Platinum rose $23, or 1.3%, at $1,835 an ounce

No gains in bullion coins were reported by the United States Mint on Thursday. The daily, April and 2011 bullion sales figures follow:

2011 United States Mint Bullion Coins
Daily
Gain
April
2011
2011
Totals
1 oz American Gold Buffalo 3,000 20,000 58,000
1 oz American Gold Eagle 15,000 93,500 357,000
1/2 oz American Gold Eagle 7,000 12,000 33,000
1/4 oz American Gold Eagle 0 14,000 52,000
1/10 oz American Gold Eagle 5,000 35,000 195,000
5 oz America the Beautiful Silver 0 153,400 153,400
American Silver Eagle 0 2,819,000 15,248,000

Figures above are in coins, not ounces sold.

The Mint on Thursday began selling the Hot Springs 5 oz Silver Coin. Buyers jumped at the chance of getting the coins, bringing the Mint’s website down for a time in the process.

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