Gold Starts August Near 8-Week High

by CoinNews.net on August 1, 2017 · 0 comments

gold bar and notes

Gold futures climbed 0.5% on Tuesday and ended at their best price since June 8

Precious metals were mixed Tuesday with silver falling and the others rising. Gold ended the first day of August at an almost eight-week high.

Gold for December delivery settled up $6, or 0.5%, to $1,279.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since June 8.

"A weaker U.S. dollar continues to help precious metals to shine," Reuters quoted Jeffrey Halley, a senior market analyst at OANDA. "To this, we can add U.S./Russia relations, North Korea, Venezuela and the revolving door at the White House to the mix, all of which will also be supportive of gold as a safe haven.

Gold futures ranged from a low of $1,268.40 to a high of $1,280.30. They shed 0.1% on Monday, posting a July increase of 2.5%.

Silver for September delivery declined 2.2 cents, or 0.1%, to settle at $16.764 an ounce. Silver futures traded between $16.59 and $16.85. They climbed 0.6% in the previous session, logging an advance in July of 1% and closing at their highest level since June 14.

In other precious metals futures prices on Tuesday:

  • October platinum added $8.80, or 0.9%, to $949.50 an ounce, ranging from $940.80 and $950.80.

  • Ending higher for a seventh straight session, palladium for September delivery added $8, or 0.9%, to $893.40 an ounce. Prices traded between $881.55 and $899.35.

Last month, platinum rose 1.5% and palladium surged 5.8%.

London Precious Metals Prices

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

  • Gold gained $3.40, or 0.3%, to 1,270.95 an ounce.
  • Silver dipped 2 cents, or 0.1%, to $16.74 an ounce.

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

In July, London bullion price advances totaled 2% for gold, 1.8% for silver, 1.7% for platinum and 6.3% for palladium.

US Mint Bullion Sales in 2017

United States Mint bullion sales were unchanged Tuesday. 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)
Tuesday / Aug Last Week This Week June July YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 500 1,000 4,000 12,500 154,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 4,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 20,000 30,000 290,000
$50 American Buffalo 1 Oz Gold Coin 0 500 1,500 2,000 5,000 71,000
$1 American Eagle 1 Oz Silver Coin 0 205,000 50,000 986,000 2,270,000 14,503,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 8,800 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 20,000 0 20,000

 

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