Gold Rallies Above $1,300; Silver Prices Top $20

by CoinNews.net on August 8, 2013 · 0 comments

Gold Bullion and Coins

Gold, silver and other precious metals rallied Thursday

Gold surged back above $1,300 an ounce on Thursday, gaining for a second day after having dropped in the six prior sessions.

Gold for December delivery shot up $24.60, or 1.9%, to finish at $1,309.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded from a low of $1,282 to a high of $1,313.80.

Gains came on weakness in the U.S. dollar and from news out of China that its exports were up 5.1% in July compared to a drop of 3.1% in June.

"The continued weakness in dollar is making gold look attractive," Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview according to Bloomberg News. "Also, there is some buying in anticipation of a rise in retail Chinese demand as the economy improves."

If any momentum is carried forward to Friday, gold is poised for a weekly gain. For the week so far, the yellow metal is off 60 cents.

Breaking away from a three-session losing streak, silver price for September delivery rallied 68.5 cents, or 3.5%, to close at $20.19 an ounce. The precious metal ranged from $19.46 to $20.30. Silver this week is up 28.1 cents, or 1.4%.

In PGM futures on Thursday:

  • October platinum soared $53.30, or 3.7%, to $1,491.60 an ounce, trading between $1,435.70 and $1,498.60.

  • Palladium for September delivery added $15.40, or 2.1%, to $738.55 an ounce, ranging from $723.10 to $744.90.

London Fix Precious Metals

Rebounding from prior day losses, London precious metals fixings advanced. In contrasting the Wednesday PM to Thursday PM London Fix prices:

  • Gold added $15.75, or 1.2%, to $1,298.25 an ounce,
  • Silver prices gained 46 cents, or 2.4%, to $19.73 an ounce,
  • Platinum rose $40, or 2.8%, to $1,465 an ounce, and
  • Palladium added $21, or 2.9%, to $739 an ounce

US Bullion Coin Sales

Sales totals for United States Mint bullion coins were unchanged for a second day Thursday. The following are the available daily, August and year-to-date bullion coin sales totals as published by the United States Mint.

American Eagle and Buffalo Bullion Coin Sales
  Thursday Sales Last Week Week-To-Date Sales August Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 12,500 0 0 587,500
$25 American Eagle Gold Bullion Coins 0 1,000 0 1,000 48,000
$10 American Eagle Gold Bullion Coins 0 2,000 0 0 94,000
$5 American Eagle Gold Bullion Coins 0 10,000 0 0 450,000
$50 American Buffalo Gold Bullion Coins 0 6,000 1,500 2,500 182,500
White Mountain 5 oz. Silver Bullion Coins 0 0 0 0 29,900
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 0 0 20,800
Great Basin 5 oz. Silver Bullion Coins 0 0 0 0 17,400
American Silver Eagle Bullion Coins 0 950,000 792,000 0 30,242,000

 

Figures above are in the number of coins sold, not in ounces.

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