Gold Rebounds to 11-Week High, Silver Slips Further From 3-Month High

by CoinNews.net on February 2, 2017 · 0 comments

10 Gold Bars

Most precious metals futures declined Thursday. Gold was the exception, rising 0.9%.

Gold futures bounced to an 11-week high Thursday as the U.S. dollar traded lower and investors sought some safety.

Gold for April delivery gained $11.10, or 0.9%, to settle at $1,219.40 an ounce on the Comex division of the New York Mercantile Exchange. The close is the highest since Nov. 16.

"There is no imminent concern of a Fed rate hike, and that gleams the green light on for the metals to move higher," Bloomberg News quoted David Meger, a director of metals trading at High Ridge Futures in Chicago. "The weakening dollar and the lack of concern of a Fed interest-rate hike, and slightly higher inflationary numbers in the market, all support the precious metals."

Gold futures ranged from a low of $1,210.20 to a high of $1,227.50. They slipped 0.3% in the previous session.

Lower for a second day in row after climbing for three straight, silver for March delivery lost 2.1 cents, or 0.1%, to settle at $17.429 an ounce. Silver futures traded between $17.41 and $17.75. In the previous session, they declined 0.5%. On Tuesday, they closed at their best point since Nov. 10.

In rounding out precious metals action:

  • April platinum edged down 20 cents, or less than 0.1%, to $999.60 an ounce, ranging from $998.50 to $1,015.

  • Palladium for March delivery fell $3.85, or 0.5%, to $759.05 an ounce, trading between $757.55 and $770.90.

London Precious Metals Prices

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

  • Gold added $18.30, or 1.5%, to $1,221.95 an ounce.
  • Silver rose 11 cents, or 0.6%, to $17.71 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 2017

U.S. Mint bullion sales were unchanged as of 3:21 p.m. ET. This article will be updated if new figures become available by the end of the day.

Below is a sales breakdown of U.S. 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)
Thursday Sales Last Week This Week Jan Sales Feb Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 20,000 0 20,000 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 10,000 6,500 86,500 0 86,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 19,000 0 19,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 36,000 0 36,000
$5 American Eagle 1/10 Oz Gold Coin 0 25,000 5,000 125,000 0 125,000
$50 American Buffalo 1 Oz Gold Coin 0 4,000 1,500 32,000 0 32,000
$1 American Eagle 1 Oz Silver Coin 0 325,000 230,000 5,127,500 0 5,127,500
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coin*
2016 Harpers Ferry 5 Oz Silver Coin 0 0 0 100 0 0
2016 Theodore Roosevelt 5 Oz Silver Coin* 0 800
2016 Fort Moultrie 5 Oz Silver Coin 0 0 0 0 0 0

 

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