Gold, Silver Prices Gain, 1 Oz Gold, Silver Bullion Coins Rise

by Bullion Prices Staff on May 25, 2011

U.S. bullion prices advanced Wednesday. Gold prices rose for a fourth session and silver for a second. The two metals were supported by a falling U.S. dollar, stronger oil prices and continued unease over euro-zone debt.

June gold prices advanced $3.40, or 0.2%, to $1,526.70 an ounce on the Comex division of the New York Mercantile Exchange. Its lowest price came in at $1,521.30 an ounce while its highest price topped out at $1,532.50 an ounce. Gold has thus far gained 7.4% in 2011.

"Buying support for the precious metals came from bullish ‘outside market’ forces Wednesday–higher crude oil prices and a steady to weaker U.S. dollar index," noted Jim Wyckoff of Kitco News. "Safe-haven investment demand and more bullish near-term technical postures for gold and silver also helped to support prices."

July silver prices surged $1.51, or 4.2%, to $37.64 an ounce. It was the highest closing price for silver since May 10. Silver prices are 21.7% higher for the year.

In PGM metal prices, June palladium prices rose $12.10, or 1.6%, to $747.35 an ounce and July platinum advanced $17.30, or 1.0%, to $1,779.80 an ounce.

London Bullion Prices

London bullion prices were mixed when comparing their PM fixings on Wednesday from those on Tuesday:

  • Gold lost 75 cents at $1,526.25 an ounce
  • Silver prices advanced $1.32, or 3.7%, at $37.17 an ounce
  • Palladium rose $5, or 0.7%, at $744 an ounce
  • Platinum gained $15, or 0.9%, at $1,774 an ounce

United States Mint Bullion Coins

For a fourth business day, United States Mint Authorized Purchasers ordered 1 oz. American Gold Eagle and American Silver Eagle bullion coins. Other bullion coins remained unchanged.

In other United States Mint coin news, the agency provided the debuting sales for its newly released collector proof Buffalo Gold coin. Buyers ordered 5,782 between their Thursday release and Sunday. For more, read the Buffalo sales debut article on sister site

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

US Mint 2011 Bullion Coin Sales
1 oz American Gold Buffalo 0 13,500 72,000
1 oz American Gold Eagle 5,000 92,500 450,500
1/2 oz American Gold Eagle 0 22,000 55,000
1/4 oz American Gold Eagle 0 4,000 56,000
1/10 oz American Gold Eagle 0 15,000 215,000
5 oz America the Beautiful Silver 0 88,700 314,100
1 oz American Silver Eagle 25,000 2.974M 18.222M

Figures above are in coins, not ounces sold.

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