Weekly Bullion Prices Advance, Gold and Silver Eagles Rise

by Bullion Prices Staff on April 1, 2011

U.S. bullion prices advanced with solid gains for a second straight week, but metals were mostly lower on Friday. In terms of weekly gains, silver and platinum each rose 1.8%, palladium rallied 3.3% and gold brought up the rear with a modest advance of 0.2%.

June gold futures prices on Friday fell $11.00, or 0.8%, to $1,428.90 an ounce on the Comex division of the New York Mercantile Exchange. Weighing the metal down was a better than expected U.S. jobs report and comments by Jeffrey Lacker, the Richmond Federal Reserve Bank president, saying the Fed could tighten its monetary policy and raise interest rates by the end of the year to stifle inflation.

"We will most likely see mounting pressure on the Fed to start curbing liquidity should macro data continue improving," Andrey Kryuchenkov, an analyst at VTB Capital in London, said in a report to clients that was cited on Bloomberg. "Rising interest rates increase the opportunity cost of holding non-interest-bearing bullion."

May silver futures prices lost 15.6 cents, or 0.4%, to end at $37.73 an ounce. Silver prices surged 22.5% in the first quarter 2011, which ended Thursday.

In PGM futures prices on Friday, June palladium ended up $7.15, or 0.9%, to $775.05 an ounce and July platinum ended down $6.30, or 0.4%, to $1,776.90 an ounce.

Sales of 1 oz American Gold Eagle bullion coins jumped 19,000 for the day, or nearly one-third of the amount of their entire March increase. American Silver Eagles rose 50,000, which is a very modest daily advance when considering they have nearly reached 12.5 million during the first three months of 2011.

As published by the U.S. Mint, weekly, April and 2011 bullion coin sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 3,000 0 38,000
1 oz American Gold Eagle 29,500 19,000 282,500
1/2 oz American Gold Eagle 4,000 0 21,000
1/4 oz American Gold Eagle 0 0 38,000
1/10 oz American Gold Eagle 5,000 0 160,000
American Silver Eagle 700,000 50,000 12,479,000

Figures above are in coins, not ounces sold.

In returning to bullion prices, earlier London PM precious metals prices were mixed when compared against their PM fixing prices on Thursday. There were mixed on the week as well.

  • Gold lost $21, or 1.5%, to $1,418 an ounce
  • Silver declined 24 cents, or 0.6%, to $37.63 an ounce
  • Palladium gained $6, or 0.8%, to $772 an ounce
  • Platinum stayed at $1,773 an ounce

Weekly gains were 2.4% for palladium and 1.2% for platinum. Weekly losses were 0.1% for gold and 1.3% for silver.

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