Gold Prices Close Above $1,700 while Silver Advances 1.1%

by CoinNews.net on September 6, 2012 · 0 comments

Five gold bars

Gold prices closed to the highest since March 9

Gold prices on Thursday settled above $1,700 an ounce for the first time in six months as investors turned bullish after the European Central Bank revealed its unlimited bond-buying plan.

Gold for December delivery advanced $11.60, or 0.7%, to close at $1,705.60 an ounce on the Comex in New York. The settlement price was the highest since March 9. Gold prices ranged from an intraday low of $1,693.70 to a high of $1,716.90.

"Gold is holding because the market has been given what it was hoping for, but in order for gold to move decisively higher from here, we need to see what numbers the U.S. will bring to the table," Reuters quoted Ole Hansen, senior manager at Saxo Bank. "The longer we stay above $1,700, the better. It gives all the newly-established long positions a bit of confidence."

The U.S. Labor Department will release the August employment report on Friday at 8:30 a.m. Eastern Time.

In other New York precious metals prices on Thursday:

  • Silver prices for December delivery settled up 34.5 cents, or 1.1%, to $32.674 an ounce. Silver traded between $32.245 and $33.040.

  • Platinum for October delivery closed at $1,586.40 an ounce, climbing $10.80 or 0.7%. The PGM metal ranged from an intraday low of $1,565.00 to a high of $1,593.40.

  • Palladium for December delivery edged up 80.0 cents, or 0.1%, to $647.75 an ounce, trading between $641.55 and $652.40.

London Precious Metals

Precious metals in London were higher Thursday. When comparing London PM Fix prices:

  • Gold prices gained $11.00, or 0.7%, to $1,701.00 an ounce,
  • Silver jumped 77.0 cents, or 2.4%, to $32.87 an ounce,
  • Platinum added $14.00, or 0.9%, to $1,578.00 an ounce, and
  • Palladium advanced $3.00, or 0.5%, to $644.00 an ounce

U.S. Mint Bullion Coins

Sales levels of U.S. Mint bullion coins were unchanged Thursday. The following grid offers the latest daily, September and year-to-date bullion sales as published by the United States Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains September Gains YTD 2012
$50 American Gold Eagle Coins 0 6,000 353,500
$25 American Gold Eagle Coins 0 0 59,000
$10 American Gold Eagle Coins 0 0 58,000
$5 American Gold Eagle Coins 0 5,000 220,000
$50 American Buffalo Gold Coins 0 500 88,500
American Silver Eagle Coins 0 375,000 22,915,000

 

Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily Gains September Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 0 16,700
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 0 17,000
2012 Acadia National Park 5 oz. Silver Coins 0 0 15,100
2011 Olympic National Park 5 oz. Silver Coins 0 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 0 39,500
2011 Chickasaw Park 5 oz. Silver Coins 0 0 29,700
TOTAL 0 0 203,900

 

All sales figures above are in the number of coins sold, not the amount of ounces sold.

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