Precious Metals Rise; Gold Ends at 2-Week High

by CoinNews.net on October 10, 2017 · 1 comment

Gold bar on top of silver bar

Precious metals futures posted gains ranging from 0.9% for palladium to 2% for platinum

Precious metals futures advanced as a group for a second day in a row Tuesday. Gold extended its winning streak to three sessions, closing at a two-week high.

Gold for December delivery settled up $8.80, or 0.7%, to $1,293.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Sept. 26.

"The weaker dollar has been the main reason why buck-denominated gold has rallied [Tuesday], with the greenback still reeling from Friday’s release of [the] weaker U.S. jobs report," MarketWatch quoted Fawad Razaqzada, technical analyst at Forex.com.

"But technically, I am not yet convinced gold will hold on to its gains as it is still below that key $1,300 inflection point. Only a decisive break above this level would be technically bullish," Razaqzada added.

Gold futures ranged from a low of $1,284.60 to a high of $1,296.70. They gained 0.8% on Monday.

Closing higher for a fourth straight session, silver for December delivery tacked on 23.6 cents, or 1.4%, to end at $17.207 an ounce. The close is the strongest since Sept. 20. Silver futures traded between $16.96 and $17.28. They advanced 1.1% in the previous session.

In rounding out precious metals dealings:

  • January platinum rose $18.30, or 2%, to $936.50 an ounce, ranging from $918.70 to $937.20.

  • Palladium for December delivery added $8.65, or 0.9%, to $936.65 an ounce, trading between $928 and $939.50.

London Precious Metals Prices

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

  • Gold gained $12.65, or 1%, to 1,291.40 an ounce.
  • Silver added 20 cents, or 1.2%, to $17.12 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 climbed a combined 3,500 ounces in gold coins and 150,000 ounces in silver coins. The increases were the first of the week.

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 / This Week Last Week September October YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 0 15,000 0 15,000
$50 American Eagle 1 Oz Gold Coin 2,000 2,500 8,000 4,500 174,500
$25 American Eagle 1/2 Oz Gold Coin 1,000 1,000 1,000 2,000 32,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 25,000 5,000 335,000
$50 American Buffalo 1 Oz Gold Coin 1,000 1,000 1,500 2,000 78,500
$1 American Eagle 1 Oz Silver Coin 150,000 150,000 320,000 300,000 16,198,500
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 0 0 0 40,000

 

{ 1 comment… read it below or add one }

Joe Brown October 11, 2017 at 12:17 am

palladium still kicking up, at 1 point a high of $941. Just about a month early,er $919.85. just my crazy thinking, there must be some very important people sitting on top of pyramids of this stuff waiting to hit the $1000. mark. Some buddy’s are calling the shots for this metal.

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