Gold Prices Rebound… Slightly, Silver Rises 1%


U.S. gold prices rebounded 0.2 percent Wednesday after having plunged 2.3 percent during the previous session. Silver enjoyed a healthier 1 percent increase after having plummeted 4.8 percent.

Fine Gold BarsApril gold prices rose $3.30 to end at $1,396.10 an ounce on the Comex in New York. Gold ranged between $1,393.10 and $1,406.60.

"Now that the dust has settled a little bit and that we’ve had particularly a recovery in energy and other commodities, that’s given a tailwind to gold," said HSBC analyst James Steel, according to Reuters. "If the focus ceases to be entirely on Japan, and the Middle East again gets some headlines, then the geopolitical risk levels will come back in and support gold," he said.

Silver prices for May delivery added 35.5 cents to close at $34.472 an ounce. Silver hit an intraday low of $33.89 and a high of $35.08.

"Prices closed near mid-range and saw a corrective bounce from Tuesday’s big losses," noted Jim Wyckoff of Kitco News. "Some near-term chart damage was inflicted Tuesday as a six-week-old uptrend on the daily bar chart was at least temporarily negated. The silver bulls still have the overall near-term technical advantage, but they did fade Tuesday and need to show more power soon."

Platinum prices for April delivery ended down $5.10, or 0.3 percent, to $1,700.50 an ounce. Prices ranged from $1,681.00 to $1,730.50.

Palladium prices for June delivery advanced 15 cents to settle at $705.05 an ounce. It traded as low as $697.55 and as high as $722.65.

All London PM fix precious metals prices moved higher as compared to their previous PM fixings. The gold fix added $1.50 at $1,402.00 an ounce. Silver rose 85 cents at $34.73 an ounce. Platinum climbed $15.00 at $1,726.00 an ounce. Palladium advanced $19 at $719 an ounce.

The United States Mint published updated sales figures Wednesday showing gains for two of its bullion coins. The one-ounce 22 karat American Gold Eagle rose 3,500 to reach 238,500 this year. And the American Buffalo Gold Bullion Coin entered the sales board for the first time with 21,500. The 24 karat gold coin was released Monday by the United States Mint.

The latest gold coin sales and silver coin sales as provided by the Mint follow.

U.S. Mint 2011 Bullion Coin Sales
March 2011 Totals
American Eagle Gold Coin (1 oz) 35,500 238,500
American Eagle Gold Coin (1/2 oz) 4,000 17,000
American Eagle Gold Coin (1/4 oz) 10,000 28,000
American Eagle Gold Coin (1/10 oz) 25,000 145,000
American Gold Buffalo Coin (1 oz) 21,500 21,500
American Eagle Silver (1 oz) 1,417,000 11,079,000


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