Gold Bounces from 2-1/2-Week Low

by CoinNews.net on April 27, 2017 · 0 comments

closeup of gold bullion

Gold futures rose 0.1% Thursday

Precious metals futures registered mostly slight changes Thursday. Gold logged its first increase in four sessions, climbing from a 2-1/2-week low. Silver, meanwhile, closed lower for a third straight day to post a new 6-week low.

Gold for June delivery added $1.70, or 0.1%, to settle at $1,265.90 an ounce on the Comex division of the New York Mercantile Exchange, after closing Wednesday at its lowest price since April 10.

"Some short covering by the shorter-term futures traders was featured, as well as some perceived bargain-basement buying in both futures and the cash market," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "The generally upbeat trader and investor attitudes this week have been a significantly bearish element for the safe-haven metal."

Gold futures ranged from a low of $1,261.80 to a high of $1,271.10. In the previous three sessions, they logged declines totaling 1.9%.

Silver futures for July delivery shed 9.7 cents, or 0.6%, to end at $17.334 an ounce. The settlement is the weakest since March 16. Silver futures traded between $17.29 and $17.54. The most active contrast lost 1.3% on Wednesday, dropped 1.5% on Tuesday, and inched up less than a half-cent on Monday.

In other precious metals futures on Thursday:

  • July platinum edged up 30 cents to $948.80 an ounce, ranging from $942.50 to $954.50.

  • Palladium for June delivery gained $7.85, or 1%, to $813 an ounce, trading between $800.20 and $815.80.

London Precious Metals Prices

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

  • Gold rose 95 cents, or less than 0.1%, to $1,262.80 an ounce.
  • Silver declined 13 cents, or 0.7%, 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 were unchanged. 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 Mar Sales April 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 0 500 16,000 3,000 126,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 0 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 2,000 46,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 10,000 35,000 20,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 500 500 8,500 3,000 58,500
$1 American Eagle 1 Oz Silver Coin 0 220,000 235,000 1,615,000 835,000 8,792,500
2017 Effigy Mounds 5 Oz Silver Coin 0 300 0 200 900 20,600
2017 Frederick Douglass 5 Oz Silver Coin 0 4,200 1,400 N/A 17,600 17,600

 

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