Gold Climbs Above $1,300; Logs Fresh 1-Month High

by CoinNews.net on November 2, 2016 · 0 comments

Several gold bars

Precious metals futures posted gains ranging from less than 0.1% for palladium to 1.6% for gold

Precious metals futures advanced for a second session in a row Wednesday. Gold and silver, the day’s two strongest metal gainers, logged fresh one-month highs.

Gold for December delivery added $20.20, or 1.6%, to settle at $1,308.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Oct. 3. Gold futures ranged from a low of $1,288.40 to a high of $1,309.10. They moved up 1.2% in the previous session.

Prices edged slightly lower in after-hours trade following the Fed announcement to keep interest rates unchanged.

"The Fed, as expected, gave the election wide berth providing a modestly more hawkish statement which may have mollified Boston Fed President Rosengren enough to prevent a second consecutive dissent," Reuters quoted Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York. "Gold and silver are marginally off their highs after recent sharp gains as the Fed refrains from further inflaming electoral anxiety."

Silver for December delivery tacked on 27.5 cents, or 1.5%, to $18.693 an ounce — like for gold, its highest settlement since Oct. 3. Silver futures traded between $18.36 and $18.75. They surged 3.5% on Tuesday.

In PGM futures on Wednesday:

  • January platinum moved up $3.90, or 0.4%, to $1,001.80 an ounce, ranging from $985.60 to $1,003.90.

  • Palladium for December delivery inched up 40 cents to $634.50 an ounce, trading between $628.05 and $636.40.

London Precious Metals Prices

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

  • Gold added $15.30, or 1.2%, to $1,303.75 an ounce.
  • Silver added 30 cents, or 1.6%, to $18.54 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

United States Mint bullion products registered increases of 8,000 ounces in American Gold Eagles and 2,000 ounces in American Gold Buffalos.

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)
Wednesday Sales Last Week This Week Oct Sales Nov Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins 7,000 17,500 14,500 100,500 8,000 673,500
$25 American Eagle 1/2 Oz Gold Coins 1,000 1,000 2,000 8,000 1,000 65,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 0 16,000 0 132,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 20,000 10,000 75,000 5,000 780,000
$50 American Buffalo 1 Oz Gold Coins 2,000 3,500 6,000 28,500 3,000 180,500
$1 American Eagle 1 Oz Silver Coins 0 250,000 370,000 3,825,000 220,000 34,620,500
2016 Shawnee 5 Oz Silver Coins* 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 0 200 0 36,500
2016 Theodore Roosevelt 5 Oz Silver Coins 0 500 300 3,100 300 32,900

 

This article was edited to include updated U.S. Mint bullion figures that were published after 5:00 p.m. ET.

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