Gold Prices Edge Up from Five-Week Low

by CoinNews.net on June 21, 2017 · 0 comments

closeup of gold bullion

Gold futures inched modestly higher Wednesday

Gold futures traded higher on Wednesday for the first time in three sessions, climbing from a five-week low, while silver futures extended their losing streak to five sessions in a row.

Gold for August delivery added $2.30, or 0.2%, to settle at $1,245.80 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices were ending the U.S. day session slightly higher Wednesday, on some more short-covering in the futures market and on some technical chart consolidation after prices hit a four-week low early on," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Mostly weaker world stock markets today also worked in favor of the gold market bulls."

Gold futures ranged from a low of $1,241.70 to a high of $1,248.80. They dipped 0.3% in the previous session — marking their weakest close since May 16, and lost 0.8% on Monday.

Elsewhere, silver for July delivery shed 4.3 cents, or 0.3%, to settle at $16.374 an ounce. The settlement is the lowest since May 11. Silver futures traded between $16.31 and $16.50. They declined 0.5% on Tuesday and fell 1% in their start to the week on Monday.

In PGM futures on Wednesday:

  • July platinum gained $5.50, or 0.6%, to $927 an ounce, ranging from $916.50 to $928.50.

  • Palladium for September delivery advanced $9.30, or 1.1%, to $876.45 an ounce, trading between $860.70 and $882.35.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold edged up 30 cents to $1,242.50 an ounce.
  • Silver fell 8 cents, or 0.5%, to $16.51 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 sales were unchanged as of 3:25 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)
Wednesday Last Week This Week May June YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 2,000 10,000 3,000 140,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 2,000 0 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 0 48,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 30,000 10,000 250,000
$50 American Buffalo 1 Oz Gold Coin 0 500 0 5,000 1,000 65,000
$1 American Eagle 1 Oz Silver Coin 0 205,000 272,000 2,455,000 706,000 11,953,500
2017 Effigy Mounds 5 Oz Silver Coin 0 500 6,300 5,600 8,800 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 2,400 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 2,800 0 N/A/ 20,000 20,000

 

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