U.S. gold rose 0.7 percent Thursday as bargain-hunters stepped in after two-days of falling prices.
"This is no longer a buy-and-hold trade," said Adam Klopfenstein of Lind-Waldock. "For the rest of the year, the bears and the bulls are going to duke it out.
Silver was the biggest gainer in precious metals, advancing 2.0 percent. Palladium followed at 1.7 percent. Platinum was the single metal to decline, dropping 0.1 percent.
New York precious metals closing prices follow:
- Gold prices for February delivery rose $9.60 to $1,392.80 an ounce. Prices ranged from a low of $1,381.10 to a high of $1,395.60.
- March silver prices surged 56.5 cents to $28.817 an ounce. They ranged from $28.200 to $29.045.
- Platinum prices for January delivery lost $2.50 to $1,678.90 an ounce. The metal ranged between $1,673.50 and $1,695.00.
- Palladium prices for March delivery gained $12.65 to close at $741.60 an ounce. Palladium ranged from $725.25 to $751.60.
In PM London gold prices, the benchmark gold Fix was $1,391.25 an ounce, up $5.75 from the PM fixing on Wednesday. The silver fixing was $28.410 an ounce for a loss of 61 cents. Platinum was $1,691.00 for a pick-up of $8.00. Palladium rose $17.00 to $746.00.
United States Mint bullion coin sales remained unchanged on Thursday. The one-ounce American Gold Eagle bullion coin did advance 4,000 on Wednesday. The American Silver Eagle bullion coin rose 275,000 during the previous session.
|U.S. Mint 2010 Bullion Coin Sales|
|American Eagle Gold Coin (1 oz)||8,500||1,093,000|
|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 Coin (1 oz)||Sold Out||209,000|
|American Eagle Silver (1 oz)||692,000||33,582,500|
December sales have an "as of date" of December 9.