Gold Weekly Prices Rise Modestly, Other Metals Fall

by Bullion Prices Staff on June 5, 2010

U.S. gold prices rebounded to end the week with gains after safe-haven buying emerged following weaker-than-expected jobs data as reported by the Labor Department on Friday. However, the news increased worries of a double-dip recession, which pounded precious metals tied to industrial uses. Those worries were enhanced by new concerns over European debt.

"Gold becomes the benefactor when all other currencies fail," Frank McGhee, the head dealer at Integrated Brokerage Services LLC in Chicago, said on Bloomberg. "When the economy goes into a double-dip recession, everything will go down, and gold simply has to hold its value."

In New York metals weekly prices, August gold closed to $1,217.70 an ounce, falling $2.70, or 0.2%.

"With the employment numbers coming short of expectations and the majority of jobs being census workers rather than private payrolls, I think it shows there’s a chance the economy is not recovering as fast as previously believed," Tom Pawlicki, precious metals analyst at MF Global in Chicago, was quoted on Reuters. "If the odds of a double-dip recession increasing based on this, I think that would be positive for gold."

July silver closed at $17.299 an ounce, falling $1.123, or 6.1%. July platinum ended at $1,525.30 an ounce for a loss of $24.10, or 1.6%. September palladium finished at $431.00 an ounce, dropping $32.45, or 7.0%.

In London bullion weekly prices, the gold fix was $1,203.50 an ounce for a loss of $4.00 or 0.3%. Silver was $17.760 an ounce, down 77 cents or 4.2%.

In other metals, platinum was $1,527.00 an ounce for a dip of $28.00, or 1.8%, and palladium was $440.00 an ounce for a loss of $31.00, or 6.6%.

To follow are silver, gold, platinum and palladium performance tables for the last several weeks.

London Fix Weekly Bullion Prices – June 2010

(May 28 – June 4)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.2%
-$0.77
$17.760
Gold
 
X
-0.3%
-$4.00
$1,203.50
Platinum
 
X
-1.8%
-$28.00
$1,527.00
Palladium
 
X
-6.6%
-$31.00
$440.00

 

(May 21 – 28)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
4.6%
$0.81
$18.530
Gold
X
 
2.4%
$27.75
$1,207.50
Platinum
X
 
4.2%
$63.00
$1,555.00
Palladium
X
 
12.4%
$52.00
$471.00

 

Weekly U.S. Gold and Silver Coin News

In related news, the following links provides a breakout of the latest United States Mint sales figures for bullion and numismatic coins, and upcoming gold fractionals:

  • 2010 Fractional Gold Eagle Bullion Coins on Sale June 10
    The United States Mint this morning officially announced a release date of Thursday, June 10, for the 22-karat 2010 American Eagle Gold Bullion Fractional Coins.

    The one-ounce Gold Eagle went on sale January 19. Buyers have sprung at the chance to scoop them up. 190,000 were sold during May, which was the highest sales level since 1999.

    The fractional sizes that will be available include the one-half, one-quarter and one-tenth ounce. The US Mint indicates they will be offered for sale through the "standard allocation process."…

  • US Mint Coin Sales: 2010 Quarters Silver Proof Sets Debut
    The latest round of United States Mint sales figures introduce the first results for the 2010 America the Beautiful Quarters Silver Proof Set™.

    They were made available May 27, which was a Thursday. 73,756 were ordered by Sunday, May 30, representing a more than respectable debut. In fact, they were better than the opening numbers for the 2009 quarters silver proof sets.

    The clad America the Beautiful Quarters Proof Sets™ topped the 100,000 barrier after having been available for just over two weeks (released on May 13). Their weekly increase dropped only slightly, rising …

 

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