Gold Rallies Near $1,530; Silver Prices Near $36; Bullion Silver Eagles Climb

by Bullion Prices Staff on July 6, 2011

U.S. bullion prices were mixed Wednesday. Gold and silver prices rose while palladium and platinum prices fell.

August gold prices ended up $16.50, or 1.1%, to $1,529.20 an ounce on the Comex division of the New York Mercantile Exchange. The closing price was gold’s best going back to June 22. Gold hit an intraday low of $1,510.30 an ounce and peaked at $1,534.50 an ounce.

"Comex gold and silver futures prices ended with solid gains Wednesday, on fresh safe-haven investment demand amid the ongoing European Union sovereign debt crisis," noted Jim Wyckoff of Kitco Metals Inc.

"The precious metals shrugged off bearish ‘outside market’ forces Wednesday (firmer U.S. dollar index and weaker crude oil prices) and also mild, early price weakness tied to news that China again raised its interest rates."

September silver prices added 50.6 cents, or 1.4%, to $35.92 an ounce, trading between $35.07 an ounce and $36.29 an ounce.

In PGM futures prices, September palladium declined $2.45, or 0.3%, to $773.20 an ounce while October platinum fell $8.70, or 0.5%, to $1,733.40 an ounce.

London Bullion Prices

London bullion prices advanced Wednesday. London PM fixing prices included the following changes:

  • Gold added $17.25, or 1.1%, to $1,527.25 an ounce
  • Silver added 62 cents, or 1.8%, to $35.38 an ounce
  • Palladium added $4, or 0.5%, to $776 an ounce
  • Platinum added $12, or 0.7%, to $1,743 an ounce

U.S. Mint Bullion Coins

While most U.S. Mint bullion coins rose Tuesday, sales gains on Wednesday were limited to the Silver Eagle. Those and other U.S. Mint figures are shown in the daily, July 2011 and YTD 2011 columns below:

United States Mint 2011 Bullion Coin Sales
  Daily
Gains
July
2011
2011
Totals
1 oz American Gold Buffalo 0 500 80,000
1 oz American Gold Eagle 0 3,000 510,500
1/2 oz American Gold Eagle 0 1,000 56,000
1/4 oz American Gold Eagle 0 0 64,000
1/10 oz American Gold Eagle 0 0 250,000
5 oz America the Beautiful Silver See notes See notes 345,800
1 oz American Silver Eagles 32,000 418,000 22.7215M

 

* Notes. Figures above are in coins, not ounces sold. The United States Mint last updated the 5 oz. America the Beautiful Silver Bullion Coin sales on June 27. All other sales figures are as of Tuesday, July 5.

For a perspective on other silver product sales, including collector coins, check out the latest silver U.S. Mint sales figures.

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