Gold Rises Slightly to Hit New High, Bullion Coins Inch Higher

by Bullion Prices Staff on September 16, 2010

U.S. gold closed at a fresh all-time high Thursday — the second record day this week. Economic uncertainty and a weaker U.S. dollar were among the factors contributing to higher gold prices, opined analysts.

In New York bullion prices, gold futures for December delivery finished at $1,273.80 an ounce, rising by $5.10 or 0.4%. Gold reached as high as $1,279.50 an ounce during the day, and touched a low of $1,266.10 an ounce.

"The market hit a new all-time record high as speculative and technically related buying interest supports the price advance," noted Jim Wyckoff of Kitco News. "Gold received buying support from a weaker U.S. dollar index Thursday. However, the dollar index recovered some of its early losses and gold backed off from its record high price levels in the wake of a better-than-expected weekly U.S. jobless claims report that showed a decline in claims. U.S. stock indexes were weaker Thursday, while U.S. Treasuries were also weaker, both of which provided little impetus for gold traders as the day progressed."

In other precious metals prices: silver for December delivery was $20.771 an ounce; rising 20 cents or 1%; platinum was $1,611.90 an ounce, gaining $6.60 or 0.4%; palladium was $549.35 an ounce, falling $10.25 or 1.8%.

In London bullion prices, the gold Fix was $1,272.50 an ounce for a pick up of $5.50 or 0.4%.

"The overall theme I keep hearing is general investor confusion," Matt Zeman, a senior strategist at LaSalle Futures Group in Chicago, said and was quoted on MarketWatch. "People are reluctant to pour money into equities, and (bond) yields are nil so people see gold as an opportunity

London silver came in at $20.760 an ounce for a 32 cent or 1.6% gain over Wednesday. In PGM metals, platinum was $1,602 an ounce for an increase of $17.50 or 1.1% and palladium was $554 an ounce for a gain of $8 or 1.5%.

In United States Mint news, the latest numismatic sales figures are out. For details on those, read the article 2010 Bullion Buffalo Gold Tops 200K. In bullion coins, only the 1-ounce Gold Buffalo and Gold Eagle advanced since Monday — the Buffalos by 1,500 and the Eagles by 7,000. The following table shows the latest figures across all the Mint’s bullion coin products.

September 2010 Bullion Coin Sales
September 2010 2010 Totals
American Buffalo Gold 5,000 204,000
American Eagle Gold 1 oz 35,000 840,000
American Eagle Gold 1/2 oz 1,000 35,000
American Eagle Gold 1/4 oz 2,000 50,000
American Eagle Gold 1/10 oz 15,000 340,000
American Eagle Silver 390,000 23,990,500


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

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