Gold Prices Edge Lower, Silver Rises Slightly


Fine Gold Bars

U.S. gold prices settled slightly lower Tuesday, retreating from an earlier record of $1,432.50 an ounce when the U.S. dollar hit a three-week low against the yen.

The greenback rebounded, however, and profit-taking emerged. The two events were cited factors in pulling gold prices down 0.5 percent.

"You have some very willing sellers," Matthew Zeman, a metals trader at LaSalle Futures Group in Chicago, said and was quoted on Bloomberg. "We are coming to the end of the year, and with gold making another high, it’s a good time to take profit."

Precious metals were split on the day. Platinum and palladium also declined, marking respective losses of 0.5 percent and 1.7 percent. Silver edged higher with an increase of 0.1 percent.

New York precious metals closing prices follow:

  • Gold prices for February delivery dipped $7.10 to $1,409.00 an ounce. Gold prices were at their lowest intraday level when they touched $1,396.70.
  • March silver prices edged up 4.2 cents to $29.777 an ounce. They ranged from $28.485 to $30.750.
  • Platinum prices for January delivery declined $8.40 to $1,705.20 an ounce. The metal ranged between $1,690.00 and $1,734.00.
  • Palladium prices for March delivery plunged $12.70 to close at $738.70 an ounce. Palladium ranged from $722.15 to $775.00.

In PM London gold prices, the benchmark gold Fix was $1,420.00 an ounce for a gain over Monday of $4.75. Silver was $30.50, up 90 cents. Platinum was fixed at $1,724.00 for a pick-up of $7.00. The palladium fixing was $10 higher at $769.50.

United States Mint buyers ordered fewer bullion Gold Eagle coins through the first week of December as compared to November’s sales. The same is true for bullion Silver Eagles. Demand is much slower when stacked up against the furious pace in record November.

The following table provides the latest United States Mint published bullion coin sales figures for the month and year.

U.S. Mint 2010 Gold & Silver Bullion Coin Sales
December* 2010 Totals
American Eagle Gold Coin (1 oz) 4,500 1,089,000
American Eagle Gold Coin (1/2 oz) 0 45,000
American Eagle Gold Coin (1/4 oz) 0 60,000
American Eagle Gold Coin (1/10 oz) 0 385,000
American Buffalo Gold Coin (1 oz) Sold Out 209,000
American Eagle Silver (1 oz) 417,000 33,307,500


December sales have an "as of date" of December 7.

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