Gold Ends Near 2-Week High

by CoinNews.net on October 18, 2016 · 0 comments

Three Gold Bullion Bars, Dark Background

Precious metals futures advanced Tuesday with gains ranging from 0.5% for gold to 1.1% for platinum

Precious metals futures advanced Tuesday. Gains for gold were again modest but enough to drive prices near a two-week high.

Gold for December delivery settled up $6.30, or 0.5%, to $1,262.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Wednesday, Oct. 5.

"Short covering in the futures market and perceived value-buying in the cash market were featured today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"Slightly higher crude oil prices Tuesday were also mildly bullish the raw commodity sector in general, including precious metals," Wyckoff added.

Gold futures ranged from a low of $1,255.90 to a high of $1,265.60. In the previous session, they edged up less than 0.1%.

Higher for a second day in a row after falling for four straight, silver for December advanced 16.4 cents, or 0.9%, to $17.638 an ounce. Silver futures traded between $17.45 and $17.73. They rose 0.2% on Monday.

In rounding out metals trading Tuesday:

  • January platinum added $10.30, or 1.1%, to $946.50 an ounce, ranging from $938 and $954.

  • Palladium for December delivery moved up $1.60, or 0.3%, to $639.40 an ounce, trading between $636.65 and $647.80.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Monday PM to Tuesday PM:

  • Gold gained $3.40, or 0.3%, to $1,258.20 an ounce.
  • Silver added 25 cents, or 1.4%, to $17.65 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales in 2016

U.S. Mint bullion products registered gains of 13,000 ounces in gold coins and 1,000 ounces in silver coins. Below is a sales breakdown of U.S. Mint bullion coins with columns listing the number of bullion coins sold during varying periods Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday Sales Last Week This Week Sept Sales Oct Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins 7,500 15,500 16,000 79,000 73,500 638,500
$25 American Eagle 1/2 Oz Gold Coins 1,000 3,000 2,000 5,000 6,000 62,000
$10 American Eagle 1/4 Oz Gold Coins 0 2,000 2,000 16,000 10,000 126,000
$5 American Eagle 1/10 Oz Gold Coins 0 25,000 10,000 85,000 50,000 750,000
$50 American Buffalo 1 Oz Gold Coins 5,000 4,000 7,000 17,500 19,000 168,000
$1 American Eagle 1 Oz Silver Coins 0 695,000 675,000 1,675,000 2,775,000 33,350,500
2016 Shawnee 5 Oz Silver Coins* 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 75,000
2016 Harpers Ferry 5 Oz Silver Coins 200 0 200 200 200 36,500
2016 Theodore Roosevelt 5 Oz Silver Coins 0 800 800 2,000 2,600 32,100

 

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