Gold Climbs, Silver Ends at 4-Week High

by CoinNews.net on May 25, 2017 · 0 comments

Gold Bullion, five bars in total

Precious metals futures registered increases ranging from 0.3% for gold to 1% for palladium

Precious metals futures advanced Thursday. Gold and silver padded gains that started Wednesday afternoon after the latest Fed minutes signaled expectations of a rate increase in June.

Gold for June delivery added $3.30, or 0.3%, to settle at $1,256.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold appears to be caught in a range in which the physical market — demand from India and China — is providing strong support around $1,200/oz, but safe-haven flows have been insufficient to breach the $1,300/oz threshold," Reuters quoted Standard Chartered Precious Metals Analyst Suki Cooper.

Gold futures ranged from a low of $1,253.50 to a high of $1,259.40. They dipped 0.2% on Wednesday, slipped 0.5% on Tuesday and climbed 0.6% on Monday, closing at their highest price since April 28.

Elsewhere, silver for July delivery gained 7.6 cents, or 0.4%, to settle at $17.193 an ounce. The settlement is the highest since April 28. Silver futures traded between $17.14 and $17.26. They shed 0.1% on Wednesday, declined 0.3% on Tuesday and gained 2.4% on Monday.

In other precious metals futures:

  • July platinum rose $5.60, or 0.6%, to $952.90 an ounce, ranging from $947.60 to $958.20.

  • Palladium for June delivery tacked on $7.35, or 1%, to $769 an ounce, trading between $760 and $769.80.

London Precious Metals Prices

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

  • Gold added $4.40, or 0.4%, to $1,256.95 an ounce.
  • Silver added 12 cents, or 0.7%, to $17.15 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 gains of 1,000 ounces in gold coins and 160,000 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)
Thursday Last Week This Week April Sales May Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 500 3,000 3,500 3,500 9,500 136,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 1,000 0 2,000 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 2,000 2,000 48,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 10,000 20,000 30,000 240,000
$50 American Buffalo 1 Oz Gold Coin 0 2,000 0 3,500 4,500 63,500
$1 American Eagle 1 Oz Silver Coin 150,000 505,000 595,000 835,000 2,155,000 10,947,500
2017 Effigy Mounds 5 Oz Silver Coin 2,000 300 4,600 900 5,500 26,100
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 17,600 2,400 20,000

 

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