Gold, Silver Climb on Dollar Weakness

Gold, silver and other precious metals advanced on weakness in the U.S. dollar

Gold moved higher in starting the week as weakness in the U.S. dollar added to the appeal of precious metals.

Gold for February delivery added $8.40, or 0.5%, to close at $1,721.10 an ounce on the Comex in New York. Intraday prices traded from $1,714.20 to $1,724.90.

"We’re seeing more of a ‘risk-on’ trade with the Greek debt news and the weaker dollar," Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview relayed on Bloomberg. "It’s also a macro-based rally in commodities on strength in China and Goldman reiterating its bullish views."

Most precious metals fell last week. Gold dipped 2.2%, silver lost 2.5% and platinum declined 0.8%. Palladium was by itself, rising 3.1%.

Returning to Monday, silver performed the best among metals. March silver advanced 48.0 cents, or 1.4%, to settle at $33.759 an ounce. Prices ranged between $33.455 and $33.930.

Platinum for January delivery added $9.20, or 0.6%, to $1,613.80 an ounce, trading between $1,593.50 and $1,615.40.

March palladium rose $3.05, or 0.4%, to $691.25 an ounce, ranging from $680.05 to $692.45.

Bullion Prices in London

London precious metals were lower Monday. In contrasting the most recent PM fixings:

• Gold lost $6.00, or 0.4%, to $1,720.00 an ounce,
• Silver fell 86.0 cents, or 2.5%, to $33.42 an ounce,
• Platinum retreated $13.00, or 0.8%, to $1,599.00 an ounce, and
• Palladium declined $3.00, or 0.4%, to $682.00 an ounce

Gold in London declined 0.5% last week while other metals posted gains of 2.6% for silver, 1.8% for platinum and 4.2% for palladium.

US Mint Bullion Coin Sales in December

U.S. Mint bullion coins are yet to enter the sales board for December. Last week and year-to-date sales are listed below.

Sales above are in the number of coins sold. Total ounces may be calculated by using the weight of the coin.