Gold Rebounds, Notches Two-Week High

by CoinNews.net on March 16, 2017 · 1 comment

Shelves of gold bullion bars

Precious metals futures logged gains ranging from 2.2% for gold to 2.8% for palladium

Precious metals futures rallied Thursday, with gold rebounding from a six-week low to score a two-week high.

Gold for April delivery advanced $26.40, or 2.2%, to settle at $1,227.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since March 2.

"The precious metals bulls are revived after a two-week meltdown in prices. Short covering in the futures markets and bargain hunting in the cash markets were featured following the recent strong selling pressure," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A weakening U.S. dollar index late this week has helped to rally gold and silver markets. "

Gold futures ranged from a low of $1,218.10 to a high of $1,234. They slipped 0.2% on Wednesday, ending at their lowest level since Jan. 30.

Elsewhere, silver for May delivery surged 40.7 cents, or 2.4%, to close at $17.33 an ounce. Silver futures traded between $17.25 and $17.59. They were unchanged in the previous session, matching their settlement on Friday for the lowest close since Jan. 26.

In other precious metals futures on Thursday

  • April platinum rose $21.60, or 2.3%, to $958.40 an ounce, ranging from $953.30 to $973.80.

  • Palladium for June delivery soared $21.20, or 2.8%, to $766.65 an ounce, trading between $760.80 and $775.85.

London Precious Metals Prices

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

  • Gold jumped $30.55, or 2.6%, to $1,229.35 an ounce.
  • Silver gained 55 cents, or 3.3%, to $17.46 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 advances included 2,000 ounces in American Gold Eagles and 1,000 ounces in American Gold Buffalos.

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 Feb Sales Mar Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 3,500 2,500 21,000 6,000 113,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 5,000 1,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 0 2,000 4,000 2,000 42,000
$5 American Eagle 1/10 Oz Gold Coin 15,000 10,000 20,000 30,000 30,000 185,000
$50 American Buffalo 1 Oz Gold Coin 1,000 500 2,500 15,000 3,000 50,000
$1 American Eagle 1 Oz Silver Coin 0 280,000 220,000 1,215,000 500,000 6,842,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 19,500 0 19,500
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coin*
2016 Harpers Ferry 5 Oz Silver Coin 0 0 0 0 0 0
2016 Theodore Roosevelt 5 Oz Silver Coin*
2016 Fort Moultrie 5 Oz Silver Coin 0 0 0 0 0 0

 

Update: This article was edited to change London gold from $1,129.35 to $1,229.35.

{ 1 comment… read it below or add one }

Seth Riesling March 17, 2017 at 1:33 am

Mike Unser –

The London PM spot fix price for gold is incorrect in this article at “$1,129.35” (wish it were true!).

-NumisDudeTX

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