Gold Rises Above $1210/oz, Bullion Eagles Increase

by Bullion Prices Staff on July 13, 2010

New York gold prices rebounded to above $1,210 an ounce on Tuesday as, among other factors, renewed fears of euro zone debt woes sparked safe-haven buying.

"Fresh safe-haven buying support from reports overnight that Moody’s downgraded Portugal’s sovereign debt rating boosted gold Tuesday," noted Jim Wyckoff of Kitco News. "Higher crude oil prices and a solidly weaker U.S. dollar index also supported the gold market bulls."

In New York precious metals prices, August gold was $1,213.50 an ounce for a daily gain of $14.80 or 1.2%. Its intraday low was $1,196.50 while its high hit $1,218.80 — gold’s best price since July 1.

"Gold is rallying on the heels of positive sentiment," Adam Klopfenstein, a senior market strategist at Lind- Waldock, a broker in Chicago, was cited on Bloomberg. "We see strength in a host of commodities. This is a positive correlation with equities."

In other U.S. metals prices, September silver ended at $18.257 an ounce, rising 34.0 cents or 1.9%, October platinum finished to $1,535.40 an ounce for an increase of $20.10 or 1.3%, and September palladium closed to $469.15 an ounce, adding $15.00 or 3.3%.

In London bullion prices, the afternoon gold fix was $1,216.00 an ounce for a gain of $10.50 or 0.9%.

"Investors are still keen to add gold to their portfolios," with several investors that had sold off recently playing catchup on Tuesday, James Moore, an analyst with Thebulliondesk.com in the U.K. said and was relayed on MarketWatch.

The London silver fix was $18.00 an ounce for a loss of 6 cents or 0.3%. In PGM metals, platinum was $1,534.00 an ounce, rising $8.00 or 0.5%, while palladium was $463.00 an ounce for a gain of $7.00 or 1.5%.

U.S. Mint Bullion Eagles Rise

The United States Mint published updated sales figures for its bullion coins. Between Friday and Tuesday, changes include:

  • 1 oz, 24 karat American Buffalo Gold coins advanced 2,500
  • 1 oz, 22 karat American Gold Eagles jumped 9,500
  • Fractional 1/10 oz American Gold Eagles gained 10,000 (they last moved up 10K on July 8, 2010)
  • American Silver Eagles jumped 375,500

The latest sales totals for the month and year follow:

U.S. Mint Bullion Coin July 2010 Sales

June
2010
July
2010
2010
Total
American Buffalo Gold 33,500 11,000 171,500
American Eagle Gold 1 oz 97,000 52,000 670,500
American Eagle Gold ½ oz 31,000 0 31,000
American Eagle Gold ¼ oz 44,000 0 44,000
American Eagle Gold 1/10 oz 280,000 20,000 300,000
American Eagle Silver 3,001,000 1,476,500 19,645,000

 

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

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