Gold Rises for Second Session, Silver Bounces from 3-Week Low

by CoinNews.net on October 30, 2017 · 0 comments

Gold bullion

Gains in precious metals futures ranged from 0.5% for gold and palladium to 0.9% for platinum

Precious metals futures posted fairly modest gains on Monday with gold rising for a second straight session and silver rebounding from an about three-week low.

Gold for December delivery climbed $5.90, or 0.5%, to settle at $1,277.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold and silver prices ended the U.S. day session firmer Monday, supported by bullish ‘outside market’ forces that saw a weaker U.S. dollar and rising crude oil prices," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Short covering (the buying back of previously sold, or short, futures positions) was featured in gold and silver markets today."

Gold futures ranged from a low of 1,269.80 to a high of $1,279.90. They declined 0.7% last week.

Silver for December delivery added 9.5 cents, or 0.6%, to settle at $16.847 an ounce. Silver futures traded between $16.69 and $16.87. They gave back 1.9% last week, ending at their lowest price since Oct. 5.

In other precious metals futures prices:

  • January platinum gained $8.10, or 0.9%, to $922.70 an ounce, ranging from $916.50 to $922.90.

  • Palladium for December delivery settled up $4.40, or 0.5%, to $962.65 an ounce, trading between $962 and $971.80.

Last week, the two metals logged respective losses of 1.3% and 1.2%.

London Precious Metals Prices

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

  • Gold rose $5.55, or 0.4%, to 1,272 an ounce.
  • Silver added 1.5 cents, or nearly 0.1%, to $16.735 an ounce.

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

Last week, London bullion prices registered declines of 1.2% for gold, 2.1% for silver, 0.2% for platinum and 0.4% for palladium.

US Mint Bullion Sales in 2017

United States Mint bullion sales advanced by 3,000 ounces in gold coins and by 40,000 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)
Monday 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 1,000 2,000 8,000 11,000 181,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 2,000 32,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 2,000 58,000
$5 American Eagle 1/10 Oz Gold Coin 5,000 0 25,000 30,000 3605,000
$50 American Buffalo 1 Oz Gold Coin 1,500 1,000 1,500 7,000 83,500
$1 American Eagle 1 Oz Silver Coin 40,000 250,000 320,000 1,040,000 16,938,500
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

This article was edited with updated U.S. Mint bullion figures.

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