Gold Rises from 8-Week Low; Silver Logs First Gain in 12 Sessions

by CoinNews.net on May 10, 2017 · 0 comments

Two gold bullion bars

Precious metals futures posted gains ranging from 0.2% for gold to 1% for platinum

Precious metals futures advanced Wednesday. Gold climbed from an eight-week low while silver, gaining for the first time in twelve sessions, rebounded from its lowest settlement this year.

Gold for June delivery rose $2.80, or 0.2%, to close at $1,218.90 an ounce on the Comex division of the New York Mercantile Exchange.

"The key ‘outside markets’ were in a bullish daily posture for the precious metals markets, as the U.S. dollar index was weaker and crude oil prices were solidly higher," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Some short covering in the gold and silver futures markets and bargain hunting in the cash markets were featured today," Wyckoff added.

Gold futures ranged from a low of $1,218.10 to a high of $1,225.80. They shed 0.9% on Tuesday — closing at their lowest price since March 15, and edged up 20 cents on Monday.

Silver for July delivery advanced 14 cents, or 0.9%, to end at $16.207 an ounce. Silver futures traded between $16.14 and $16.35. They declined 1.2% on Tuesday, logging their lowest settlement since Dec. 30, and shed 0.1% on Monday.

In PGM futures on Wednesday:

  • July platinum gained $9, or 1%, to $909.90 an ounce, ranging from $903 to $913.90.

  • Palladium for June delivery added $5.75, or 0.7%, to $799.35 an ounce, trading between $791.40 and $803.95.

London Precious Metals Prices

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

  • Gold rose $2.55, or 0.2%, to $1,222.95 an ounce.
  • Silver gained 7 cents, or 0.4%, to $16.29 an ounce.

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

US Mint Bullion Sales in 2017

U.S. Mint bullion products registered their first gains of the week with increases of 3,000 ounces in gold coins and 458,500 ounces in silver coins.

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)
Wednesday / This Week 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 500 2,000 3,500 2,500 129,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 0 1,000 26,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 46,000
$5 American Eagle 1/10 Oz Gold Coin 10,000 0 20,000 10,000 220,000
$50 American Buffalo 1 Oz Gold Coin 1,000 1,000 3,500 2,000 61,000
$1 American Eagle 1 Oz Silver Coin 450,000 530,000 835,000 980,000 9,772,500
2017 Effigy Mounds 5 Oz Silver Coin 500 100 900 600 21,200
2017 Frederick Douglass 5 Oz Silver Coin 1,200 800 17,600 2,000 19,600

 

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