Gold, Silver Near Unchanged, Supported by U.S. Inflation Data

by Bullion Prices Staff on June 15, 2011

U.S. bullion prices were nearly unchanged Wednesday when it came to gold and silver. Downward pressures for the precious metals included a rallying U.S. dollar and lower oil prices. However, the metals were supported by higher-than-expected U.S. inflation data and fresh euro zone monetary woes. Greek debt was again in the news, and U.S. inflation entered the picture with the Wednesday release of the monthly Consumer Price Index report from the Labor Department.

August gold prices advanced $1.80, or 0.1%, to $1,526.20 an ounce on the Comex division of the New York Mercantile Exchange. Gold moves between $1,514.50 an ounce and $1,535.70 an ounce.

"Comex gold and silver futures prices closed the day trading session near unchanged levels Wednesday. Gains in precious metals were limited by a strong rally in the U.S. dollar index and sharply lower crude oil prices. However, selling pressure was mitigated by safe-haven investment demand due to an escalation in the European Union’s debt crisis with Greece," wrote Jim Wyckoff from Kitco Metals.

"A heavy slate of U.S. economic data was released Wednesday and it was a mixed bag for the precious metals. A hotter-than-expected consumer price index reading did support the precious metals, due to the inflationary implications," Wyckoff added.

The Labor Department said U.S. inflation rose 3.6% in over the past 12 months, which is the highest rate since October 2008.

In other bullion prices, July silver declined 0.1 cents to $35.41 an ounce, September palladium declined $16.75, or 2.1%, to close at $776.00 an ounce, and July platinum declined $20.70, or 1.2%, to $1,774.20 an ounce.

London Bullion Prices

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

  • Gold advanced $13.75, or 0.9% at $1,529.75 an ounce
  • Silver advanced 58 cents, or 1.7%, at $35.26 an ounce
  • Palladium declined $9, or 1.1%, at $785
  • Platinum declined $12, or 0.7%, at $1,784 an ounce

United States Mint Bullion Coins

After a day of silence, the U.S. Mint reported gains for one of its bullion coins, the Silver Eagle. The .999 fine silver bullion coin advanced 65,000 on the day and is nearing 21.6 million on the year. Daily, June 2011 and YTD 2011 bullion sales are available in the table below:

United States Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 0 74,000
1 oz American Gold Eagle 0 29,500 481,000
1/2 oz American Gold Eagle 0 0 55,000
1/4 oz American Gold Eagle 0 0 56,000
1/10 oz American Gold Eagle 0 20,000 235,000
5 oz America the Beautiful Silver 0 0 326,800
1 oz American Silver Eagle 65,000 1,682,000 20.5835M

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 May 26. All other sales figures are as of Wednesday, June 15.

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