U.S. Gold and Silver Prices Fall

by Bullion Prices Staff on October 21, 2010

Gold prices declined 1.4% Thursday, falling the most since their 2.6% drop on Tuesday. A stronger U.S. dollar and profit taking were among given catalysts for the retreat. Silver prices tumbled the most, however, plunging 3% on the day. Other precious metals fell as well, with platinum and palladium down 0.8% and 0.7%, respectively.

In terms of dollars, Gold futures prices for December delivery ended down $18.60 to $1,325.60 an ounce. Its lowest level was $1,320.10 and its high was $1,349.60.

Jim Wyckoff of Kitco News wrote the following Thursday:

"Gold prices started out the day trading slightly higher, then turned steady at mid-morning and continued to drift lower before losses accelerated in late New York trading. The sell off in gold came at the same time the U.S. dollar index made a solid price rebound from its steady to lower trading action that occurred earlier in the day. The dollar index bears still have the solid overall near term technical advantage and have much more heavy lifting to do to suggest a near-term price uptrend could be sustained. The still-weak technical and fundamental posture of the U.S. dollar index remains an underlying bullish factor for the precious metals."

In other U.S. precious metals prices, silver for December silver lost 72.5 cents to $23.139 an ounce while January platinum declined $13.90 to $1,673.40 an ounce, and December palladium retreated $4.35 to $586.30 an ounce.

The London bullion Fix price for gold came in at $1,343.50 an ounce, which was $4.40 or 0.3% higher than the previous day. Silver was fixed up 19 cents or 0.8% to $23.90 an ounce. In PGM metals, the platinum Fix was $1,682 an ounce for a gain of $12 or 0.7% and palladium was $596 an ounce for a pick up of $15 or 2.6%

The latest U.S. Mint figures show no new bullion coins were been purchased by its authorized dealers on Thursday.

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