Gold Rises for First Time in Six Sessions, Silver Inches Higher

by CoinNews.net on September 15, 2014 · 1 comment

Five gold bullion bars

Precious metals were mostly higher Monday.

Gold prices on Monday climbed from an 8-month low to settle higher for the first time in six sessions.

Gold for December delivery gained $3.60, or 0.3%, to end at $1,235.10 an ounce on the Comex division of the New York Mercantile Exchange.

"There is some physical buying that’s keeping prices supported," Miguel Perez-Santalla, sales and marketing manager at Heraeus Metals New York LLC, said in a telephone interview according to Bloomberg News. "The main focus of the market is the Fed meeting, and many investors are in a wait-and-watch mode."

The Federal Open Market Committee (FOMC) is scheduled to meet on Tuesday and Wednesday.

Gold prices ranged from an intraday low of $1,226.30 to a high of $1,239.20. Gold declined last week by 2.8%, ending at the lowest price since Jan. 22.

Silver for December delivery climbed a penny for a second consecutive session. Closing at $18.62 an ounce, the white metal traded between $18.56 and $18.71. Silver prices tumbled 2.9% last week.

In other precious metals prices on Monday:

  • October platinum slipped $7, or 0.5%, to $1,363.50 an ounce, ranging from $1,362.30 to $1,376.50.

  • Palladium for December delivery added 85 cents, or 0.1%, to $836.90 an ounce, trading between $835 and $850.65.

Last week, platinum fell 2.9% and palladium plummeted 6.2%.

London Fix Precious Metals

Earlier fixed London precious metals mostly advanced. In contrasting London bullion Fix prices and the LBMA Silver Price from Friday PM to Monday PM:

  • Gold gained $2.75, or 0.2%, to $1,234.25 an ounce,
  • Silver was unchanged at $18.64,
  • Platinum rose $8, or 0.6%, to $1,368 an ounce, and
  • Palladium added $12, or 1.4%, to $841 an ounce

London precious metals declined last week with losses of 2.7% for gold, 2.6% for silver, 3.3% for platinum and 6.5% for palladium.

US Mint Bullion Sales

United States Mint bullion sales were unchanged Monday as of 3:10 PM ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, last month, this month so far, and the year to date.

American Eagle and Buffalo Bullion Sales (# of coins)
Monday Sales Last Week August Sales September Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 100 700 200 13,800
$50 American Eagle Bullion Gold Coins 0 5,500 21,000 19,000 264,500
$25 American Eagle Bullion Gold Coins 0 1,000 0 5,000 32,000
$10 American Eagle Bullion Gold Coins 0 0 6,000 2,000 86,000
$5 American Eagle Bullion Gold Coins 0 0 25,000 10,000 420,000
$50 American Buffalo Bullion Gold Coins 0 1,000 8,000 4,000 129,000
$1 American Eagle Silver Bullion Coins 0 470,000 2,007,500 810,000 28,921,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 500 0 500 30,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 500 500 500 21,000
Arches National Park 5 Oz Silver Bullion Coins 0 0 1,200 0 21,200
Great Sand Dunes 5 Oz Silver Bullion Coins 0 2,500 7,500 2,500 10,000

 

{ 1 comment… read it below or add one }

Kevin September 15, 2014 at 11:51 pm

The physical market has little to do with the paper futures market, which is manipulated. It’s public knowledge yet it goes on. And on.

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