Gold Prices Advance 0.8%, Silver Jumps 1.4%

by CoinNews.net on August 16, 2012 · 0 comments

Gold Kilo Bars

Gold prices rose 0.8% Thursday

Gold prices were higher for a second day Thursday as the U.S. dollar fell following mixed economic reports on jobless, manufacturing and housing data.

Gold for December delivery rose $12.60, or 0.8%, to settle at $1,619.20 an ounce. Gold prices ranged from intraday levels of $1,603.00 to $1,622.00.

"The dollar is weakening, and that always helps," said Frank Lesh, broker and futures analyst with FuturePath Trading in Chicago. MarketWatch adds that Lesh said gold holding to $1,590 an ounce on the downside earlier in the week provided good technical support.

In other news related to the yellow metal, the World Gold Council on Thursday said demand for gold dropped 7.1% in the second quarter to its lowest point since the first quarter of 2010.

"A softness in India and China, who between them represent over 45% of the total second quarter jewellery and investment demand accounts for much of the slowing of global gold demand," said Marcus Grubb, World Gold Council Managing Director of Investment.

In other New York precious metals:

  • Silver for December delivery surged 40.0 cents, or 1.4%, to $28.212 an ounce. Silver traded between $27.66 and $28.24.

  • Platinum for October delivery advanced $39.00, or 2.8%, to $1,435.20 an ounce, ranging from $1,395.80 to $1,442.80.

  • Palladium for September delivery added $5.40, or 0.9%, to $583.45 an ounce, trading between $574.60 and $589.30.

London Precious Metals

Precious metals in London were higher as well. When comparing London PM Fix prices:

  • Gold prices edged up $2.75, or 0.2%, to $1,604.50 an ounce,
  • Silver climbed 20.0 cents, or 0.7%, to $27.84 an ounce,
  • Platinum was unchanged at $1,400.00 an ounce, and
  • Palladium advanced $3.00, or 0.5%, to $579.00 an ounce

Sales of U.S. Mint Bullion Coins

Sales of U.S. Mint bullion coins were unchanged Thursday as of 3:51 p.m. ET. The latest daily, August and year-to-date sales for U.S. Mint bullion products follow.

Sales US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains August Gains YTD 2012
$50 American Gold Eagle Coins 0 8,500 322,000
$25 American Gold Eagle Coins 0 0 56,000
$10 American Gold Eagle Coins 0 0 54,000
$5 American Gold Eagle Coins 0 5,000 195,000
$50 American Buffalo Gold Coins 0 3,500 82,500
American Silver Eagle Coins 0 1,390,000 21,060,000

 

Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily Gains August Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 400 13,600
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 400 7,800
2012 Acadia National Park 5 oz. Silver Coins 0 1,100 11,000
2011 Olympic National Park 5 oz. Silver Coins 0 0 85,500
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 0 39,100
2011 Chickasaw Park 5 oz. Silver Coins 0 0 29,400
TOTAL 0 1,900 186,400

 

Above U.S. Mint bullion sales are in coin totals, not in amount of ounces sold.

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