May 2010 Bullion Monthly Prices: Gold, Silver, Platinum and Palladium

by Bullion Prices Staff on May 29, 2010

Metal prices were mixed in May, with European area debt worries making the difference for gold which was the only precious metal to post a monthly increase — thanks in large part to haven buying. All metals, however, rebounded during the final week of the month after the disastrous third week when prices plummeted.

In New York bullion prices during the month of May, gold advanced 2.9% while silver lost 1.2%, platinum fell 11.2% and palladium declined 16.6%.

"Continued currency concerns and jittery markets will probably bolster a case for gold," Kevin Davitt, a senior market strategist at International Futures Group in Chicago, was quoted on Bloomberg. "Overall, it’s been the most difficult month for most markets in over a year. Given gold’s relative strength, there’s a case for lightening the load."

In weekly prices, gold for August delivery advanced $38.90, or 3.3%, to close at $1,215.00 an ounce. July silver jumped 77.1 cents, or 4.4%, to end at $18.422 an ounce. In PGM metals, July platinum climbed $48.20, or 3.2%, to end at $1,549.40 an ounce while September palladium prices were lifted $23.50, or 5.3%, to $463.45 an ounce.

In London fix bullion prices for May, gold increased 2.4%, silver lost 0.5%, platinum declined 10.5% and palladium fell 14.7%.

Analysts do not expect a big fall in bullion. "People are still holding it, they haven’t gotten out," Rory McVeigh, trader at Commerzbank was quoted on Reuters. "They’re going to hold it to wait and see where the price action with the euro goes."

Gold finished the month at $1,207.50 an ounce, gaining $27.75, or 2.5% during the final week. In other weekly London Fix metal prices, silver picked up 81 cents, or 4.6%, to end at $18.530 an ounce. Platinum was $1,555.00 an ounce, rising $63.00, or 4.2% in the final May week. And palladium was $471.00 an ounce, rising the most in percentage terms at 12.4%, which was an increase of $52.00.

Silver, gold, platinum and palladium price charts follow:

London Fix Weekly Bullion Prices – May 2010

(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

 

(May 14 – 21)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-9.8%
-$1.92
$17.720
Gold
 
X
-4.6%
-$56.75
$1,179.75
Platinum
 
X
-13.3%
-$229.00
$1,492.00
Palladium
 
X
-21.8%
-$117.00
$419.00

 

(May 7 – 14)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
11.0%
$1.94
$19.640
Gold
X
 
2.8%
$34.25
$1,236.50
Platinum
X
 
4.2%
$70.00
$1,721.00
Palladium
X
 
6.1%
$31.00
$536.00

 

(April 30 – May 7)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-4.9%
-$0.92
$17.700
Gold
X
 
2.0%
$23.00
$1,202.25
Platinum
 
X
-5.0%
-$87.00
$1,651.00
Palladium
 
X
-8.5%
-$47.00
$505.00

US Mint Gold and Silver Coin Weekly News

In related bullion, business and United States Mint news, interesting or quick-read articles from the week include:

  • Bullion Gold Hits 1999 Highs
    The latest United States Mint sales figures are contrasting. Numismatic coins moved slower as is often the case toward the middle of the year when extended daylight hours offer collecting distractions.

    But coins struck for investors amped higher, and are shooting for records. Cases in point: Gold Eagles are selling as fast as they were during the Y2K scare; Silver Eagle sales just smashed 15 million in less than five months. More specifically, during the last week alone…

  • US Mint American Buffalo Gold Proof Coin Launches June 3, 2010
    The United States Mint today announced the beginning of sales for the 2010 American Buffalo Gold Proof Coins on June 3, 2010, at noon Eastern Time (ET).

    The price of the 24-karat gold one-ounce coin will be based on the United States Mint’s pricing structure for numismatic products containing precious metals.  To view current pricing information, please visit  http://www.usmint.gov/pressroom/index.cfm?flash=yes&action=goldplat.

    Orders will be accepted at http://www.usmint.gov/catalog or at the toll-free number 1-800-USA-MINT (872-6468).  Hearing- and speech-impaired customers with TTY equipment may order by calling 1-888-321-MINT (6468).  Please add $4.95 for shipping and handling.  There is no mintage or household order limit for this coin…

 

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