Gold Returns to Above $1500, Silver Prices Advance Modestly

by Bullion Prices Staff on June 28, 2011

U.S. bullion prices rebounded modestly Tuesday. August gold prices added $3.80, or 0.3%, to $1,500.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices touched a low of $1,495.50 an ounce and a high of $1,507 an ounce.

"At current prices, there is an expectation that physical demand should help support the market," Edel Tully, a London- based analyst at UBS AG, said in a report that was cited on Bloomberg. "Indian buying has picked up since late on Friday, but a move down to $1,485, where many orders are sitting, is likely required to bring this market out in force."

In other precious metals prices in New York, July silver added 5.3 cents, or 0.2%, to $33.64 an ounce, September palladium rose $10.55, or 1.5%, to $735.15 an ounce, and October platinum added $18.90, or 1.1%, to $1,693.50 an ounce.

London Bullion Prices

London bullion prices were mixed Tuesday, with all but silver rising. London PM fixing prices included the following changes:

  • Gold added $1, or 0.1%, at $1,499 an ounce
  • Silver lost 5 cents, or 0.1%, at $33.96 an ounce
  • Palladium rose $10, or 1.4%, at $734
  • Platinum added $13, or 0.8%, at $1,692 an ounce

U.S. Mint Bullion Coins

The latest figures from the U.S. Mint indicate that the sales levels of its bullion products remained unchanged from Monday. While not an investment offering, the Mint did release 9/11 medal sales figures. The bureau has sold 50,998 of the one ounce, .999 fine silver medals since their release on June 20.

Daily, June 2011 and YTD 2011 bullion sales are shown in the table below:

United States Mint 2011 Bullion Coin Sales
Daily
Gains
June
2011
2011
Totals
1 oz American Gold Buffalo 0 4,000 78,000
1 oz American Gold Eagle 0 48,500 500,000
1/2 oz American Gold Eagle 0 0 55,000
1/4 oz American Gold Eagle 0 8,000 64,000
1/10 oz American Gold Eagle 0 35,000 250,000
5 oz America the Beautiful Silver 0 0 326,800
1 oz American Silver Eagle 0 2.948M 21.8495M

 

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 17. All other sales figures are as of Tuesday, June 28.

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