Gold Edges Up 0.2% to Start Week, Silver Gains 1.4%

by CoinNews.net on August 27, 2012 · 0 comments

Stack of gold bars

Gold climbed 0.2% to start the week

Gold advanced slightly in thin trading Monday with London markets closed for a holiday.

Gold prices for December delivery added $2.70, or 0.2%, to settle at $1,675.60 an ounce. Prices traded from an intraday low of $1,668.50 to a high of $1,679.30.

"Volumes are rather thin so far this morning, with London out for Bank Holiday," Alexander Zumpfe, a trader at precious metals house Heraeus, said according to Reuters. "Gold is on the edge to trade through the upper side of its four-month range. It needs a more convincing break of the $1,675 level before a test of $1,700 is back on the cards.

"With further monetary easing possible, the environment remains supportive. However, after last week’s relatively steep run-up, a failure of a break through $1,675 might end up in some profit-taking."

In other New York precious metals futures:

  • Silver for December delivery surged 42.7 cents, or 1.4%, to close at $31.048 an ounce. Silver prices ranged from $30.650 to $31.225.

  • Platinum for October delivery declined $1.20, or 0.1%, to $1,553.20 an ounce, trading between $1,540.80 and $1,557.70.

  • Palladium for September delivery settled up $2.60, or 0.4%, to $654.75 an ounce, trading between $644.85 and $655.80.

Precious metals advanced last week with gains of 3.3% for gold, 9.4% for silver 7.8% for palladium and 5.5% for platinum.

London Precious Metals

London markets were closed Monday for a bank holiday. Friday’s London PM Fix prices were:

  • Gold at $1,667.00 an ounce,
  • Silver at $30.37 an ounce,
  • Platinum at $1,537.00 an ounce, and
  • Palladium at $643.00 an ounce

Last week’s gains in London precious metals were 3.2% for gold, 7.7% for silver, 5.6% for platinum and 8.6% for palladium.

Sales of U.S. Mint Bullion Coins

Sales levels for U.S. Mint bullion coins were unchanged Monday. The following grid offers the most recent daily, August and year-to-date bullion sales figures, as published by the U.S. Mint.

US Mint American Eagle and Buffalo Bullion Coin Sales
  Daily Gains August Gains YTD 2012
$50 American Eagle Gold Coins 0 21,000 334,500
$25 American Eagle Gold Coins 0 1,000 57,000
$10 American Eagle Gold Coins 0 0 54,000
$5 American Eagle Gold Coins 0 20,000 210,000
$50 American Buffalo Gold Coins 0 6,500 85,500
American Silver Eagle Coins 0 2,121,000 21,791,000

 

America the Beautiful 5 Oz. Silver Bullion Coin Sales
  Daily Gains August Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 600 13,800
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 1,100 8,500
2012 Acadia National Park 5 oz. Silver Coins 0 5,200 15,100
2011 Olympic National Park 5 oz. Silver Coins 0 300 85,800
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 100 39,200
2011 Chickasaw Park 5 oz. Silver Coins 0 100 29,500
TOTAL 0 7,400 191,900

 

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

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