Gold Up First Time in Week, Silver Rises Modestly

by CoinNews.net on October 14, 2013 · 0 comments

Fine gold bar

Gold turned higher Monday for the first time in a week, rebounding from a three-month low.

Gold for December delivery settled up $8.40, or 0.6%, to $1,276.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from an intraday low of $1,268.40 to a high of $1,291.60.

Gold did retreat from earlier highs as progress was reported in U.S. Senate negotiations to reopen the government and avoid a default.

"All parties are desperately trying to avoid default but remain far apart on the solution," MarketWatch quoted Edmund Moy, chief strategist with gold-backed IRA provider Morgan Gold. "As discussions between the president and Congress intensify before this week’s potential default, expect gold prices to be very sensitive to every little bit of news on progress or the lack thereof."

Last week, gold fell 3.2% and ended at its weakest closing price since July 10.

In other precious metals futures for Monday:

  • Silver for December delivery added 9.5 cents, or 0.5%, to $21.35 an ounce, trading between $21.11 and $21.68.

  • January platinum gained $7.90, or 0.6%, to $1,383.50 an ounce, ranging from $1,367.00 to $1,391.70.

  • Rising for a third straight session, palladium for December added $1.95, or 0.3%, to settle at $715.25 an ounce. It traded between $710.60 and $719.

Palladium also advanced last week, up 1.6%. The other metals registered losses of 2.3% for silver and 0.9% for platinum.

London Fix Precious Metals

London precious metals fixings also changed modestly in started the new week, except for stronger moving gold. In contrasting their Friday PM to Monday PM London fix prices:

  • Gold rose $20, or 1.6%, to $1,285.50 an ounce,
  • Silver was flat at $21.52 an ounce,
  • Platinum gained $10, or 0.7%, to $1,379 an ounce, and
  • Palladium added $3, or 0.4%, to $715 an ounce

Like bullion futures in New York, palladium was alone last week with its pick-up of 0.8%. The other precious metals fixings logged weekly declines of 3.4% for gold, 0.6% for silver and 1.2% for platinum.

U.S. Mint Bullion Sales in October

Sales totals for United States Mint bullion coins were unchanged Monday following a stronger week of gains. October and year-to-date sales figures follow:

American Eagle and Buffalo Bullion Sales
  Monday / Week-To-Date Sales Last Week October Sales YTD Sales
$50 American Eagle Gold Coins 0 8,000 10,000 615,000
$25 American Eagle Gold Coins 0 0 1,000 54,000
$10 American Eagle Gold Coins 0 0 2,000 106,000
$5 American Eagle Gold Coins 0 5,000 10,000 475,000
$50 American Buffalo Gold Bullion Coins 0 1,500 6,000 206,000
White Mountain 5 oz. Silver Bullion Coins Sold Out 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 1,200 26,200
Great Basin 5 oz. Silver Bullion Coins 0 0 2,200 27,200
Fort McHenry 5 oz. Silver Bullion Coins 0 600 2,600 27,600
American Silver Eagle Bullion Coins 0 700,000 887,000 36,975,000

 

{ 0 comments… add one now }

Leave a Comment