Metals Prices Split, Gold and Silver Fall as Platinum and Palladium Rise

by Bullion Prices Staff on January 27, 2011

U.S. bullion prices were mixed Thursday as gold and silver returned to the negative column while platinum and palladium rose for a second straight day.

Gold futures prices for February delivery lost $14.60, or 1.1%, to close at $1,318.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was nearly the lowest in four months (since Oct. 4).

"There is a lot of safe-haven money coming out of gold at this point. Generally, the macro data has been quite positive, particularly for the U.S. … and of course there is a lot more confidence around Europe as well," Standard Chartered analyst Daniel Smith was cited on Reuters. "So that’s causing a lot of the net spec position in gold to fall and also the SPDR ETF is dropping pretty sharply and this is particularly important," he added.

Gold’s intraday low was $1,315.70 an ounce and its high was $1,347.50 an ounce.

Silver declined modestly. The March contract dropped 9.7 cents, or 0.4%, to end at $27.03 an ounce. Silver has now declined nearly 13% this year — a stark contrast from its near 84% increase last year.

As mentioned, palladium and platinum prices rose. March palladium added $8.90, or 1.1%, to settle at $813.50 an ounce, and April platinum advanced $6.60, or 0.4%, to close at $1,803.50 an ounce. Both metals are also higher on the year, with palladium up 1.2% and platinum higher by 1.4%.

In earlier London bullion prices, the gold Fix was $1,334.50 an ounce for a pick-up of $6.50, or 0.5%. The silver fixing was $27.39 an ounce for a gain of 29 cents, or 1.1%. In PGM prices, palladium rose $24, or 3.9%, with its fixing of $814 an ounce while platinum added $16, or 0.9%, to $1,807 an ounce.

Sale of United States Mint bullion coins have stayed the same for four straight days.

January 2011 U.S. Mint Bullion Coin Sales
  Previous Daily Gain Daily Gain 2011 Totals
1 oz American Gold Eagle 0 0 80,500
1/2 oz American Gold Eagle 0 0 1,000
1/4 oz American Gold Eagle 0 0 2,000
1/10 oz American Gold Eagle 0 0 15,000
American Silver Eagle 0 0 4,724,000

Figures above are in coins, not ounces sold.


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