Gold Rises 0.6% and Silver Jumps 2.8% as Dollar Weakens

by CoinNews.net on December 7, 2016 · 0 comments

Bullion gold bars and US $100s.

Most precious metals futures advanced Wednesday, led by a 2.8% increase in silver

Gold futures on Wednesday reclaimed most of their losses in the past two days as the U.S. dollar gave back some gains.

Gold for February delivery gained $7.40, or 0.6%, to settle at $1,177.50 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold trading lately has mainly been driven by two factors: capital leaving defensive havens as political risks ease and the impact of the U.S. dollar rally," MarketWatch quoted Colin Cieszynski, chief market analyst at CMC Markets. "Both of these trends, which have severely crushed gold in recent weeks, appear to be exhausted and starting to reverse."

Gold futures ranged from a low of $1,167.20 to a high of $1,182.30. They lost 0.5% in the previous session and dipped 0.1% on Monday.

Rising for the fourth time in five sessions, silver for March delivery rallied 46.5 cents, or 2.8%, to settle at $17.275 an ounce. Silver futures traded between $16.70 and $17.30. On Tuesday, they slipped 0.5%.

In PGM futures on Wednesday:

  • January platinum rose $7.50, or 0.8%, to $943.20 an ounce, ranging from $928 to $950.90.

  • Palladium for March delivery shed $1.75, or 0.2%, to $732.65 an ounce, trading between $728.40 and $739.50.

London Precious Metals Prices

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

  • Gold added $5.15, or 0.4%, to $1,177.65 an ounce.
  • Silver dipped 2 cents, or 0.1%, to $16.77 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 sales were unchanged Wednesday as of 3:20 p.m. ET, though most of the agency’s 2016-dated coins have sold out.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of 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 Nov Sales Dec Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins* 29,000 23,000 129,000 23,000 817,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 2,000 7,000 2,000 73,000
$10 American Eagle 1/4 Oz Gold Coins* 2,000 2,000 18,000 2,000 152,000
$5 American Eagle 1/10 Oz Gold Coins* 20,000 40,000 105,000 40,000 925,000
$50 American Buffalo 1 Oz Gold Coins 0 6,500 5,500 29,500 5,500 212,500
$1 American Eagle 1 Oz Silver Coins* 175,000 240,000 3,061,000 240,000 37,701,500
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 0 100 1,500 100 38,100
2016 Theodore Roosevelt 5 Oz Silver Coins* -2,000 800 6,600 800 40,000
2016 Fort Moultrie 5 Oz Silver Coins 0 -3,000 0 27,800 0 27,800

 

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