Gold Rises for 2nd Day, Silver Prices Rebound

by Bullion Prices Staff on May 9, 2011

U.S. bullion prices advanced to start the second week of May. Gains were biggest for silver, the metal that dove more than 27% last week. By the numbers from high to low, silver prices rebounded 5.2%, palladium added 1.8%, gold picked up 0.8% and platinum advanced 0.5%. Bargain hunting and an outlook for a weaker dollar were among the cited factors for precious metals gains.

In closing, June gold prices added $11.60 to $1,503.20 an ounce on the Comex division of the New York Mercantile Exchange. It was gold’s second day of increases. The yellow metal hit an intraday low of $1,489 an ounce and a high of $1,512 an ounce.

"Gold and silver may regain strength as traders perceive last week’s commodities washout to be excessive and it isn’t viewed as a trend reversal," Park Jong Beom, Seoul-based trader with Tongyang Futures Co., was cited on Bloomberg. "There’s no change in the outlook for a weaker dollar as well."

July silver prices rallied $1.83 to $37.12 an ounce. Last week the metal fell the most in more than three decades.

In PGM futures prices, June palladium added $12.70, or 1.8%, to $729 an ounce and July platinum rose $8.70, or 0.5%, to $1,795.10 an ounce.

In comparing current to previous London bullion PM fixing prices:

  • Gold added $15.50, or 1%, at $1,502 an ounce
  • Silver rose $3.80, or 11.1%, at $38 an ounce
  • Palladium added $46, or 6.4%, at $767 an ounce
  • Platinum ross $2, or 0.1%, at $1791 an ounce

Nearly all United States Mint bullion coins enjoyed healthy gains, an occurrence that has become most common on Mondays. The Silver Eagles notably surged to above 16 million in 2011 with their latest daily increase of 720,000. (Read how the silver coins did in April.)

2011 United States Mint Bullion Coins
  Daily
Gains
May
2011
2011 Totals
1 oz American Gold Buffalo 0 4,500 63,000
1 oz American Gold Eagle 12,000 65,500 423,500
1/2 oz American Gold Eagle 4,000 17,000 50,000
1/4 oz American Gold Eagle 0 4,000 56,000
1/10 oz American Gold Eagle 5,000 15,000 215,000
5 oz America the Beautiful Silver 0 54,400 237,800
American Silver Eagle 720,000 1,421,000 16,669,000

Figures above are in coins, not ounces sold.

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