Precious Metals Mixed, Bullion Gold and Silver Eagles Gain

by Bullion Prices Staff on January 6, 2011

U.S. bullion prices were mixed for a consecutive day Thursday. Only platinum managed to advance, albeit modestly. Gold and silver slid just as modestly. Palladium took the heaviest hit, falling more than any other precious metal.

Gold futures prices for February delivery dipped $2, or 0.1%, to $1,371.70 an ounce on the Comex division of the New York Mercantile Exchange. Its lowest level was $1,364.30 while its highest was $1,380.

"The solid rebound in the U.S. dollar index this week and lower crude oil prices Thursday worked to pressure the precious metals markets," noted Jim Wyckoff of Kitco News. "The gold market this week has dropped by around $50.00 an ounce as traders took some profits following the solid gains posted during the last half of December. The strong rebound in the U.S. dollar index this week is a significant bearish factor for the precious metals," added Wyckoff.

March silver prices edged lower 7.2 cents, or 0.2%, to $29.126 an ounce.

In New York PGM prices, March palladium closed at $762.90 an ounce for a loss of $12.40, or 1.6%, and April platinum settled at $1,735.10 an ounce for a gain of $1, or 0.1%.

In U.S. Mint news, sales of 1 oz bullion Gold and Silver Eagles climbed for a second straight day. The details are below. For a breakout of recent numismatic U.S. Mint coin sales, read the Coin Collecting News article about Proof Silver Eagles topping 850,000.

January 2011 US Mint Bullion Coin Sales
  January 2011 Daily Gain 2011 Totals
1 oz American Gold Eagle 22,500 9,000 22,500
1/2 oz American Gold Eagle 0 0 0
1/4 oz American Gold Eagle 0 0 0
1/10 oz American Gold Eagle 5,000 0 5,000
American Silver Eagle 2,140,000 55,000 2,140,000

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

In earlier bullion prices, the London PM gold fixing price was set $1,368.50 an ounce, marking an increase of 50 cents from the previous PM fix. Silver was fixed to $29.08 an ounce for a loss of 13 cents, or 0.4%. In London PGM metals, palladium rose $12, or 1.6%, to $766 and platinum added $9, or 0.5%.

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