Weekly Bullion Prices Report – 1/16/2010

by Bullion Prices Staff on January 16, 2010

London metals picked up across the board this week, but gold and silver futures suffered weekly losses in New York. Gold, as typical, moved in the opposite direction of the US dollar which rallied at times with various weekly economic news and government reports.

On Friday, the yellow metal was pulled lower on news of tame US December inflation and over concerns that China’s economy would cool with tightened credit. Gold benefited on Thursday when the greenback was pressured on news of declining December US retail sales (down 0.3%) and higher than expected jobless claims (440,000 last week).

In New York bullion weekly prices, gold declined 0.7 percent and silver lost 0.2 percent. Platinum, however, rose 1.6 percent. Gold for February delivery ended at $1,130.50 for a weekly loss of $8.40. Silver futures for March delivery ended at $18.43 an ounce, falling 4 cents on the week. Platinum for April delivery closed to $1,596.10, advancing $25.50 on the week.

For London Fix bullion weekly prices, gold gained slightly at 0.1 percent, silver jumped 2.2 percent and platinum advanced 2.0 percent. Gold on Friday was fixed at $1,128.00 an ounce, gaining $1.25 for the week. Silver ended at $18.52 an ounce, for a weekly increase of 40 cents. Platinum was settled at an even $1,600.00 an ounce, rising $31.00 for the week.

Notable bullion quotes follow:

"It’s the dollar move driving prices,"Afshin Nabavi, a senior vice president at MKS Finance SA, a bullion refiner in Geneva, said on Bloomberg.

"Investor interest in gold seems to be cooling off, as the renewed decline in gold holdings in the world’s largest gold [exchange traded fund], SPDR Gold Trust, indicates," metals analysts at Commerzbank said in a note that was cited on MarketWatch.

"Commodities fell in the wake of the gains exhibited by the US dollar, and gold remained confined within the $1125-$1150 trading channel ahead of pre-weekend book-squaring and the release of US CPI data," wrote Jon Nadler, senior analyst at Kitco Metals, Inc.

"While support has been manifest in a value zone that extends from $1115 to $1130, the yellow metals still requires a convincing break above $1150 and up towards $1170 to avoid disappointment and potential liquidations among latecomers to the party that broke out late on Sunday."

Oil prices plunged Friday, and for the week. The appeal for crude has dimmed, according to reports, on prospects of warmer weather. On Friday, New York crude-oil for February delivery tumbled $1.39, or 01.8 percent, to $78.00 a barrel. Oil lost $4.75, or 5.7 percent, on the week. Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies.

To follow are silver, gold and platinum performance charts, oil news, week-ending stock summaries, and recent precious metal coin article summaries.

London Fix Weekly Precious Metals Prices

(Jan 8 – Jan 15)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
2.2%
$0.40
$18.52
Gold
X
 
0.1%
$1.25
$1,128.00
Platinum
X
 
2.0%
$31.00
$1,600.00

( Dec 31 – Jan 8 )

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
6.7%
$1.13
$18.12
Gold
X
 
2.1%
$22.75
$1,126.75
Platinum
X
 
7.0%
$103.00
$1,569.00

(Dec 24 – 31)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
 
X
-1.9%
-$0.33
$16.99
Gold
 
X
-0.05%
-$0.50
$1,104.00
Platinum
X
 
0.7%
$10.00
$1,466.00
*Week change numbers are for Friday PM-Friday PM (Unless a time is closed for holidays)

US Mint Gold and Silver Coin Weekly News

For silver and gold news discussing the most recent weekly United States Mint numismatic sales report, to include bullion coins, check out the following two articles:

  • Gold and Silver Coin Plateau – CoinNews
    US Mint numismatic coin sales dipped, marking the third general weekly decline in four weeks. The excitement level of the 2009-dated coins is waning as eyes begin to turn toward upcoming series, like the America the Beautiful Quarters products, 2010 Lincoln cent and 2010 silver dollars — especially the Boy Scout commemoratives. Sales were not completely sour. Last week’s rising gold and silver prices were beneficial to most …
  • Uncirculated Set and Bullion Eagles Lead Sales – Silver Coins Today
    Demand for two of the three numismatic sets currently offered by the United States Mint retreated while bullion Silver Eagles surged, according to the latest US Mint weekly sales data. It is the end of the 2009-dated eagles. The Mint sold out of their remaining inventory on Tuesday morning. Mint authorized purchasers had ordered 236,500 more since last Wednesday’s report, bringing the total sold since the beginning of 2009 to …

For daily bullion price charts, see the home page charts of daily bullion prices.

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