Precious Metals Prices Turnaround, Modestly

by Bullion Prices Staff on January 26, 2011

U.S. bullion prices reversed their negative direction on Wednesday and closed with modest gains. A bit of bargain-hunting and a weaker dollar were reported factors in moving precious metals prices into the black.

Gold futures prices for February delivery rose 70 cents, or 0.1%, to $1,333 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold hitting a three-month low makes it a bit attractive for bargain hunters, especially Asian jewelry buyers," Peter Fertig, owner of Quantitative Commodity Research Ltd. in Hainburg, Germany, was quoted on Bloomberg. "The weakness in the U.S. dollar is also supporting gold."

Gold’s lowest level was $1,324.30. It reached as high as $1,337.70 an ounce.

While palladium was hit hardest of the metals during the previous session, it registered the best performance Wednesday in both dollar and percent terms. March palladium advanced $19.85, or 2.5%, to $804.60 an ounce. The turn swung the metal into a positive position for the year, but just barely. It has gained 0.1% in 2011.

March silver settled at $27.13 an ounce, rising 32.3 cents, or 1.2%.

April platinum prices rose $9.60, or one-half percent, to finish at $1,796.90 an ounce. That added to its gain in 2011, which is at 1.1% — the best of the metals.

In earlier fixed London bullion prices, advances (modest) were made across the board. The number "4" was a common theme. Silver rose 40 cents, or 1.5%, to $27.10. Gold, palladium and platinum each climbed $4, with respective fixed prices of $1,328, $790 and $1,791.

United States Mint bullion coin sales have remained unchanged since Friday. Look toward the tail end of Tuesday’s bullion prices article for the latest published U.S. Mint tallies.

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