Weekly Bullion Prices Report – 1/9/2010

by Bullion Prices Staff on January 9, 2010

Bullion prices surged this week as the US dollar dropped against other world currencies, spurring investors’ appeal for precious metals. New York and London gold finished with their first weekly gains since November. Silver and platinum weekly price gains averaged nearly 8%.

Metals were given another boost on Friday as the US Labor Department reported disappointing employment figures, with December job losses coming in at 85,000. That news dashed hopes of the Fed raising interest rates sooner versus later, which pulled the greenback down and picked up interest in gold and other metals.

In New York bullion future prices, gold, silver and platinum enjoyed respective weekly increases of 3.9%, 9.6% and 7.6%. February gold ended at $1,138.90 for a weekly gain of $42.70. March silver finished at $18.47, rising $1.62 on the week. April platinum closed to $1,570.60, advancing $110.60 on the week.

In London Fix bullion prices for the week, gold climbed 2.1%, silver gained 6.7% and platinum jumped 7.0%. Gold was fixed at $1,126.75 an ounce, for a weekly increase of $22.75. Silver ended at $18.12 an ounce, rising $1.13 since last Friday. Platinum was settled to $1,569.00 an ounce, advancing $103.00 for the week.

Notable bullion quotes follow:

"People were largely going short into the market, and as the non-farm payrolls for December were slightly worse than expected, those shorts were covered," Michael Widmer, an analyst at Bank of America Merrill Lynch, said on Reuters. "The dollar came off quite a lot on the back of it, and that contributed to pushing gold higher."

"The U.S. is not in a position to raise rates, and the dollar is going to suffer," Matt Zeman, a metals trader at LaSalle Futures Group Inc. in Chicago, said on Bloomberg. "This is a green light for gold and other metals to continue higher."

"Gold prices tried to find support at lower levels overnight, following yesterday’s declines that were largely a combination of dollar strength and on-going profit-taking," wrote Jon Nadler, senior analyst at Kitco Metals, Inc. "The economy lost 85,000 jobs in December albeit November’s numbers were revised to show a small degree of job creation. The unemployment rate remained at 10% in the US. The US dollar declined towards the 77.75 level in the wake of the labour statistics, and gold regained its footing."

On Friday, New York crude-oil for February delivery rose 9 cents, or 0.1%, to $82.75 a barrel. Oil surged $3.39, or 4.3%, on the week. It has risen in 11 of the past 12 trading days. 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 and precious metal weekly coin article summaries.

London Fix Weekly Precious Metals Prices

( 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

(Dec 18 – 24)

 
Up
Down
Week % Change
Week $ Change
Friday Close
Silver
X
 
0.1%
$0.01
$17.32
Gold
Unchanged
0.0%
$0.00
$1,104.50
Platinum
X
 
2.8%
$39.00
$1,456.00
*Week change numbers are for Friday PM-Friday PM (Unless a time is closed for holidays)

US Mint Gold and Silver Coin Weekly News

In related silver and gold news, check out the following articles about United States Mint coins:

  • US Silver Coins First Rise of 2010 – Silver Coins Today
    The first United States Mint numismatic product sales report in 2010 shows rising demand for silver coins, despite a holiday shortened week. The increases break a three-week trend of softening sales, with the latest levels nearing those that were last seen toward the middle of December. The 2009 Silver Proof Set enjoyed the most collector attention. Weekly numbers increased by 7,021 compared to the prior pick …
  • US Mint Bullion Eagles Still Strong – CoinNews
    Sales of collector coins from the United States Mint appear to have stopped their three week slide, but not by much. According to their latest report, no new drastic drops are apparent. Unfortunately, also equally missing from that data are significant gains. While not huge in numbers, the First Spouse Gold Coins saw almost across the board improvement, not that this was hard to do after the previous week’s disappointing …
  • 2009 American Silver Eagles Records – CoinNews
    2,773,500 American Silver Eagle Bullion Coins were sold during the final weeks in 2009, according to the latest United States Mint sales data. Last month ranked as the second best December ever for the silver coin series that was introduced in 1986. It was the fourth best month in 2009 — a year that saw a record-breaking 28,766,500 eagles fly out of US Mint inventories. December and yearly numbers would have been more spectacular …

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

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