Gold Edges Higher, Silver Logs 10th Session Decline

by CoinNews.net on May 8, 2017 · 0 comments

Gold Bullion and Coins

Precious metals futures ended mixed Monday, with gold and platinum gaining and silver and palladium falling

Gold futures edged up from a more than seven-week low Monday, logging their first gain in four sessions. Silver, meanwhile, extended its string of session losses to ten in a row, ending at a new, more than four-month low.

Gold for June delivery climbed 20 cents to settle at $1,227.10 an ounce on the Comex division of the New York Mercantile Exchange.

"The result of (the French) election was pretty well forecast … Last week we had some sizeable (long) liquidation in gold and physical demand remains pretty good right now … I’m not surprised to see gold supported around current levels," Reuters quoted ICBC Standard Bank analyst Tom Kendall.

Gold futures ranged from a low of $1,221 to a high of $1,236.90. They dropped 3.3% last week, for their biggest weekly decline since November, closing at their weakest point since March 15.

Elsewhere, silver futures for July delivery lost 1.6 cents, or 0.1%, to end at $16.258 an ounce. The settlement is the lowest since Dec. 30. Silver futures traded between $16.25 and $16.46. They sank 5.7% last week for their third straight weekly decline.

In other precious metals futures on Monday:

  • July platinum gained $9.40, or 1%, to $919.60 an ounce, ranging from $911.30 to $925.

  • Palladium for June delivery fell $7.50, or 0.9%, to $805.55 an ounce, trading between $802.25 and $817.95.

The pair of metals registered losses last week that tallied to 4.1% for platinum and 1.7% for palladium.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Friday PM to Monday PM:

  • Gold added $1.75, or 0.1%, to $1,229.80 an ounce.
  • Silver added 11 cents, or 0.7%, to $16.38 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

Last week, London bullion prices logged losses of 3% for gold, 6.5% for silver, 3.9% for platinum and 1.8% for palladium.

US Mint Bullion Sales in 2017

U.S. Mint bullion sales were unchanged as of 2:59 p.m. ET. 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)
Monday Sales Last Week April Sales May Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 3,500 2,000 129,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 46,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 20,000 0 210,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 3,500 1,000 60,000
$1 American Eagle 1 Oz Silver Coin 0 530,000 835,000 530,000 9,322,500
2017 Effigy Mounds 5 Oz Silver Coin 0 100 900 100 20,700
2017 Frederick Douglass 5 Oz Silver Coin 0 800 17,600 800 18,400

 

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