Gold prices rebounded from a two-week low on Monday, closing higher for the first time in four sessions.
Gold for December delivery rose $3.40, or 0.3%, to settle at $1,166.20 an ounce on the Comex division of the New York Mercantile Exchange.
"The weaker dollar is giving a bit of support to the gold market," Phil Streible, a senior market strategist at RJO Futures in Chicago, said in a telephone interview according to Bloomberg News. "It’s widely anticipated that the FOMC won’t do anything this week because of too much global weakness."
The U.S. dollar weakened after a Commerce Department report showed new home sales tumbled 11.5% in September.
The yellow metal ranged from a low of $1,162 to a high of $1,168.30. Gold declined 1.7% last week, its first weekly loss in three weeks. The precious metal on Friday ended at its lowest price since Oct. 9.
Elsewhere, silver for December delivery tacked on 8 cents, or 0.5%, to close at $15.91 an ounce. Silver prices traded from $15.77 to $15.98. Last week, silver tumbled 1.8% after three straight weekly gains of 1.9%; 3.6%; and 1%.
In other precious metals futures:
January platinum lost $4.20, or 0.4%, to $997.50 an ounce, ranging from $987.90 to $1,004.90.
- Palladium for December delivery fell $9.95, or 1.4%, to $683.90 an ounce, trading between $678.05 and $694.50.
Last week, platinum fell 2.2% and palladium shed 0.8%.
London Precious Metals Prices
Earlier fixed London gold and silver prices were mixed. In comparing their prices from Friday PM to Monday PM:
- Gold added $5.15, or 0.4%, to $1,166.40 an ounce.
- Silver declined 12 cents, or 0.8%, to $15.86 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, losses combined to 1.7% for gold, 0.4% for silver, 0.1% for platinum and 0.6% for palladium.
US Mint Bullion Coin Sales in October
United States Mint bullion sales were unchanged Monday as of 4:14 PM ET.
In related news, the U.S. Mint this week limited Silver Eagle sales to 1,043,500. The agency has restricted weekly sales of bullion American Silver Eagles since temporarily running out of them in early July.
Below is a listing of United States Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Monday Sales||Last Week||Sept Sales||Oct Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||2,500||98,500||22,500||542,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||1,000||9,000||3,000||66,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||0||20,000||4,000||146,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||10,000||175,000||45,000||875,000|
|$50 American Buffalo 1 Oz Gold Coins||0||1,500||22,000||10,000||180,500|
|$1 American Eagle 1 Oz Silver Coins||0||926,500||3,804,500||2,931,500||38,986,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins*||–||45,000|
|2015 Bombay Hook 5 Oz Silver Coins*||–||45,000||–||45,000|