Gold Prices Rise Late, Silver Ends Slightly Higher


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U.S. gold prices settled $1.50 higher Wednesday after spending most of the day in the red as jitters over European debt issues eased. Reports indicate a falling dollar and rising oil prices helped support the yellow metal.

February gold prices rose 0.1 percent, to settle at $1,385.80 an ounce on the Comex in New York, marking a third straight day of gains. Prices ranged from $1,376.30 to $1,387.00.

"Market participants have put the euro-zone problems on the backburner and are willing to take on more risk," Matt Zeman, a metals trader at LaSalle Futures Group in Chicago, was quoted over at Bloomberg. "People are optimistic about a global recovery and commodities are green across the board."

Silver prices were also higher for a third day. March silver edged up 4.6 cents, or 0.2 percent, to $29.545 an ounce. They ranged from $29.395 to $29.845.

Platinum has rallied for five consecutive days. Platinum prices for April delivery advanced $30.80, or 1.7 percent, to $1,801.10 an ounce. Platinum ranged between $1,765.50 and $1,809.90.

Palladium prices for March delivery jumped $23.00, or 2.9 percent, to $806.75 an ounce. Palladium ranged from $781.30 to $813.90. The metal has surged for two straight days, advancing $57.10 since Monday.

In PM London bullion prices, the benchmark gold Fix was $1,378.75 an ounce for a gain of $4.75 from the previous PM fixing. London silver was fixed 6 cents higher to $29.600 an ounce. Platinum was $1,793.00 an ounce for an increase of $35.00. Palladium was $803.00 an ounce, up $25.00 for a second straight day.

As a final reminder, the annual 2010 sales figures for US Mint bullion coins have been published. There are two articles on the subject:

In US Mint bullion coin news on Wednesday, sales of the one-ounce American Eagles advanced after a day of silence. The Gold Eagles surged 10,000 and the Silver Eagles rose 50,000. The following are their latest totals:

U.S. Mint 2011 Bullion Coin Sales
Daily Gain January Totals
American Eagle Gold Coin (1 oz) 10,000 42,500
American Eagle Gold Coin (1/2 oz) 0 0
American Eagle Gold Coin (1/4 oz) 0 0
American Eagle Gold Coin (1/10 oz) 0 1,000
American Buffalo Coin (1 oz) Not Yet Offered
American Eagle Silver (1 oz) 50,000 3,407,000


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