Gold Prices Tumble, Bullion Silvers Coins Pass September Sales

by Bullion Prices Staff on October 19, 2010

U.S. gold prices fell the most in three months on Tuesday, as the dollar jumped after China unexpectedly raised its interest rates.

Gold futures prices for December delivery closed at $1,336 an ounce, dropping $36.10 or 2.6%. The metal hits its lowest point at $1,332.50, which was nearly $40 lower than its intraday high of $1,371.70.

"Comex gold prices ended sharply lower Tuesday, in the wake of a surprise interest rake hike by China that boosted the U.S. dollar index to its largest daily gain in several weeks," Jim Wyckoff of Kitco News said in a market summary Tuesday. "If the U.S. dollar index does put in a near-term market low, then that would be significantly bearish for the gold market. As was clearly evidenced Tuesday, gold" and the dollar are "presently in a strong inverse price relationship," Wyckoff added.

New York Silver for December delivery also fell 2.6%. It settled at $23.780 an ounce for a loss of 63.3 cents. It was just Thursday when silver prices reached a high of $24.95 an ounce.

In other U.S. metals prices, January platinum declined $20.70 or 1.2% to $1,677.60 an ounce, and December palladium lost $9.65 or 1.6% to $578.450 an ounce.

In London bullion prices, gold was fixed to $1,339 an ounce, which was down $28.25 or 2.1% from Monday. Silver was fixed at $24.26 an ounce, up 24 cents or 1%. In PGM metals, platinum was $1,672.00 an ounce for a loss of $14 or 0.8% while palladium was $571 an ounce for a loss of 11 or 1.9%.

United States Mint bullion coins continue to command attention. The one-tenth ounce American Gold Eagle advanced 5,000 for the day. The one-ounce size improved by 3,500. American Silver Eagles added 175,000, bringing them to an even 2 million for the month and topping September’s tally of 1.88 million.

In news from SilverCoinsToday.com, the U.S. Mint has released images of the 3-inch, 5-ounce .999 fine 2010 America the Beautiful Silver Coins. The bullion coin series debuts this year and will continue with issues at a rate of five each year through to 2021. Follow the link for information.

Finally, the most recent bullion coin numbers follow:

October 2010 US Mint Bullion Coin Sales
October 2010 Tuesday Gain 2010 Totals
American Buffalo Gold Sold Out 209,000
1 oz American Gold Eagle 60,000 3,500 947,500
1/2 oz American Gold Eagle 3,000 0 39,000
1/4 oz American Gold Eagle 0 0 54,000
1/10 oz American Gold Eagle 25,000 5,000 380,000
American Silver Eagle 2,000,000 175,000 27,480,500

 

Figures above are in coins, not ounces of gold sold.

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