Gold Weekly Prices Edge Lower, Bullion Eagles Mostly Rise

by Bullion Prices Staff on July 24, 2010

U.S. gold finished lower Friday, breaking a 3-day winning streak as it fell $7.80 and under $1,190 an ounce. The decline erased earlier gains and pushed the yellow metal into the red for a second straight week, but just barely. Gold closing prices were narrow all week, and it finished only 40 cents short of the price settled on last Friday.

"Gold has currently lost the support which helped drive prices to a record," Wang Huijia, an economist at China Merchants Futures Co., said from Guangzhou and was quoted on Bloomberg. "The Europe debt crisis seems to have calmed down; however, gold’s declines will be limited, as a resolution is far from over."

In New York bullion weekly prices, New York gold for August delivery ended at $1,187.80 an ounce, falling less than 0.1%. September silver finished at $18.101 an ounce, rising 31.3 cents or 1.8%.

In PMG metals, platinum for October delivery closed at $1,542.80 an ounce for a weekly gain of $30.70 or 2%, while palladium for September delivery rallied to $466.75 an ounce, advancing $18.15 or 4%.

In London bullion weekly prices, the gold fix was $1,190.50 an ounce for an increase of $1.25 or 0.1%.

"Lingering uncertainty about the shape of the economic recovery, coupled with fears of rising inflation, is likely to retain investor interest and fuel further upside in prices later in the year," Barclays analyst Sudakshina Unnikrishnan said and was quoted on MarketWatch.

In other London weekly metal prices, silver was $18.170 an ounce for a loss of 8 cents or 0.4%. Platinum was $1,541.00 an ounce for a gain of $29.00 or 1.9%. Palladium was $460.00 an ounce, rising $4.00 or 0.9%.

Bullion price performance tables for the last several weeks follow:

London Fix Weekly Bullion Prices – July 2010

(July 16 – 23)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-0.4%
-$0.08
$18.170
Gold
X
 
0.1%
$1.25
$1,190.50
Platinum
1.9%
$29.00
$1,541.00
Palladium
X
 
0.9%
$4.00
$460.00

 

(July 9 – 16)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
2.1%
$0.38
$18.250
Gold
 
X
-1.6%
-$19.50
$1,189.25
Platinum
-1.0%
-$15.00
$1,512.00
Palladium
X
 
0.4%
$2.00
$456.00

 

(July 2 – 9)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-0.6%
-$0.11
$17.870
Gold
X
 
0.6%
$7.25
$1,208.75
Platinum
X
 
1.3%
$19.00
$1,527.00
Palladium
X
 
4.8%
$21.00
$454.00

 

(June 25 – July 2)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-3.6%
-$0.67
$17.980
Gold
 
X
-4.2%
-$52.50
$1,201.50
Platinum
 
X
-3.1%
-$48.00
$1,508.00
Palladium
 
X
-8.1%
-$38.00
$433.00

Weekly U.S. Gold and Silver Coin News

The following links provides information on recent United States Mint gold and silver news:

  • US Mint Silver Eagles Pass 20M
    In fact, Silver Eagles picked up another 287,500 since the 16th to bring July’s total to 1,935,500. The new YTD total is 20,104,000. As for gold bullion, the one ounce American Gold Eagles tacked on an additional 20,000 and the one-fourth ounce advanced 2,000 since Friday. Buffalo bullion coins added 3,000.

    The popular 2010 Mint Uncirculated Set launched Thursday, July 15, with a bang. 200,764 sold by Sunday, July 18. That’s 25.9 percent of 2009′s total of 774,844. Their inaugural sales, however, were not as strong as 2009 or 2008, where a whopping 297,842 and 234,762 sold in the first four days …

  • 2010 Proof Gold Eagle Production
    A House of Representatives subcommittee hearing on Tuesday revealed better odds in minting proof and uncirculated 2010 American Silver Eagle coins. But what about 2010 proof American Gold Eagles?

    As a reminder, the 2009 versions of these numismatic coins were canceled as the United States Mint focused its resources and available coin blank or planchet supplies on producing bullion coins.

    During the hearing, U.S. Mint Director Ed Moy spoke of his support for legislation that would redirect a portion of silver planchets from legally mandated bullion coins to discretionary proof and uncirculated silver dollars…

U.S. Bullion Eagle Weekly Sales

The only United States Mint bullion coins not to sell since last Friday were the one-tenth and one-half ounce American Gold Eagles. Coins with reported gains follow:

  • American Buffalo Gold coins, rising 4,000
  • One ounce American Gold Eagles, jumping 48,500
  • One-fourth ounce American Gold Eagles, climbing 2,000
  • American Silver Eagles, advancing 644,000

The following table has published sales figures from the U.S. Mint as of Friday:

U.S. Mint Bullion Coin July 2010 Sales

June
2010
July
2010
2010
Total
American Buffalo Gold 33,500 20,000 180,500
American Eagle Gold 1 oz 97,000 113,500 732,000
American Eagle Gold 1/2 oz 31,000 1,000 32,000
American Eagle Gold 1/4 oz 44,000 2,000 46,000
American Eagle Gold 1/10 oz 280,000 30,000 310,000
American Eagle Silver 3,001,000 2,292,000 20,460,500

 

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

Bullion Coin Investing

Finally, in the following video Claudia Assis of MarketWatch reports on the bullion coin market and investors who prefer coins instead of other assets.

 

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