Metals Mixed, Gold Rises as Silver and Platinum Fall – April 6, 2010

by Bullion Prices Staff on April 6, 2010

U.S. metals were mixed on Tuesday. Gold finished slightly higher at 0.2% despite a stronger dollar. The yellow metal typically moves in the opposite direction of the greenback, and along with oil, which also rose slightly. Most other metals ended lower. Silver fell 1.0% and platinum lost 0.3%.

In New York precious metal prices, June gold finished up $2.20 to $1,136.00 an ounce. It ranged from $1,123.50 to $1,139.60, which was the highest price since March 5, 2010. May silver declined 18.7 cents to $17.931 an ounce. July platinum declined $5.30 to $1,704.50 an ounce.

"Fresh speculative buying interest, including a ‘buy-the-dip’ mentality, boosted the gold market Tuesday, as prices hit a fresh four-week high," wrote Jim Wyckoff of Kitco News. "Gold prices rallied Tuesday despite a stronger U.S. dollar index, which is another bullish clue for the precious yellow metal."

In London bullion prices, the afternoon gold fix was $1,132.75 an ounce for an increase of $9.25. Silver was $17.920 an ounce, or 23 cents higher. Platinum was settled at $1,700.00 an ounce for an increase of $40.00.

"We’re still seeing physical demand… particularly out of Asia. The minute (gold) drops to around $1,120 we see some buying coming in," Walter de Wet, an analyst with Commerzbank in Frankfurt, said on MarketWatch.

In a coin item of the day, the U.S. Mint this year will issue a new series of bullion coins in additional to the Silver Eagles. One of them will be the Grand Canyon America the Beautiful Silver Bullion Coin. Click on the link to learn about this silver coins and the new bullion series from the Mint.

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