Gold Scores 1-Year High as Dollar Falls

by CoinNews.net on September 7, 2017 · 0 comments

US Dollars and Gold Bullion Bars

Precious metals posted gains ranging from 1% for platinum to 1.8% for palladium. Gold marked a 1-year high.

Precious metals futures rebounded Thursday, Sept. 7. Gold and silver scored their fourth set of gains in the last five sessions with the former notching a one-year high and the latter ending at its best price in more than 20 weeks.

Gold for December delivery tacked on $11.30, or 0.8%, to settle at $1,350.30 an ounce on the Comex division of the New York Mercantile Exchange. The close is the highest since Sept. 6, 2016 when prices ended at $1,354 an ounce.

"The yellow metal was supported by a rapidly wilting U.S. dollar against the major currencies. The U.S. dollar index dropped to a 2.5-year low today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Bullish charts continue to invite technically based buying in both the gold and silver markets."

Gold futures traded from a low of $1,337.20 to a high of $1,355.50. They fell 0.4% in the previous session and climbed 1.1% in their start to the new trading week on Tuesday.

Silver for December delivery gained 20.6 cents, or 1.2%, to finish at $18.116 an ounce. The settlement is the strongest since April 19 when prices ended at $18.162 an ounce. Silver futures ranged from $17.86 to $18.22. They dipped 0.2% on Wednesday and gained 0.7% on Tuesday.

In other precious metals futures prices:

  • October platinum added $9.70, or 1%, to $1,016.80 an ounce, trading between $1,003.70 and $1,021.

  • Palladium for December delivery advanced $16.95, or 1.8%, to $948.85 an ounce, ranging from $931.80 to $954.35. On Friday, they ended at $977.10 an ounce for their strongest close since February 2001.

London Precious Metals Prices

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

  • Gold rose $5.65 or 0.4%, to 1,343.50 an ounce.
  • Silver added 2 cents, or 0.1%, to $17.79 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

United States Mint bullion sales were unchanged. 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 August This Week / September YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 500 6,500 2,000 164,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 0 29,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 54,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 15,000 0 305,000
$50 American Buffalo 1 Oz Gold Coin 0 500 3,000 0 75,000
$1 American Eagle 1 Oz Silver Coin 0 600,000 1,025,000 25,000 15,603,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ellis Island 5 Oz Silver Coin* 0 40,000 39,500 500 40,000

 

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