Gold Tops $1,270, US Mint Gold Coin Prices to Rise

by Bullion Prices Staff on September 14, 2010

U.S. precious metals prices surged on Tuesday, with gold reaching a new record and silver hitting its best price since March 2008. Gold also rallied for its biggest one-day gain in four months.

In New York bullion prices, gold futures for December delivery closed to $1,271.70 an ounce for a daily pick up of $24.60 or 2.0%. The yellow metal’s intraday low was $1,246.00 an ounce while its highest point was $1,276.50 an ounce.

"A slumping U.S. dollar, some dour economic news out of Europe and ideas of further Fed easing in the U.S. prompted keen investor safe-haven buying interest in the gold market Tuesday. This was combined with a very bullish technical posture in the gold market to send prices to fresh all-time record highs," noted Jim Wyckoff of Kitco News. "Safe-haven buying interest in gold resurfaced in strong fashion Tuesday following a much weaker than expected ZEW manufacturing report coming out of Germany… The U.S. dollar index weakened sharply Tuesday, partly due to a Goldman Sachs report that said the Federal Reserve could soon announce a fresh asset-purchase program to boost the U.S. economy."

In other metal prices, silver for December delivery was $20.432 an ounce for a gain of 28.1 cents or 1.4%. October platinum was $1,594.40 an ounce for an increase of $44.50 or 2.9%. And December palladium was $553.80 an ounce for a one-day gain of $24 or 4.5%.

In London bullion prices, the gold Fix was $1,265.50 an ounce, up $21.75 or 1.7%. Silver was 38 cents or 1.9% higher at $20.310.

"Technically silver looks very well and may challenge the 2008 record daily close of $20.81 an ounce" in the coming days, analysts at GoldCore said in a research note."Given the even-stronger fundamentals today and the fact that a huge amount of silver has been used in a variety of industrial applications in the last 30 years, many analysts expect silver to replicate gold and reach record highs in the coming years."

In PGM’s, platinum was $1,569 an ounce for a gain of $24 or 1.6% while palladium was $544 for an increase of 422 or 4.2%.

In US Mint coin news, higher gold prices should kick in higher numismatic gold coin price increases on Wednesday. The Mint’s First Spouse Gold Coins are expected to rise by $25 each while the proof 2010 Buffalo Gold coin increase by $50.

On the bullion sales front, the Mint did publish sales on Tuesday. 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 3,500 202,500
American Eagle Gold 1 oz 28,000 833,000
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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