Gold Rebounds, Ends Near 3-Week High

by CoinNews.net on November 6, 2017 · 0 comments

100g Fine Gold

Precious metals posted gains ranging from 0.4% for palladium to 2.4% for silver

Precious metals futures gained in their start to the new trading week on Monday. Gold rebounded from an almost three-month low to end at a nearly three-week high.

Gold for December delivery advanced $12.40, or 1%, to settle at $1,281.60 an ounce on the Comex division of the New York Mercantile Exchange. The close is the highest since Oct. 19. The yellow metal saw safe-haven demand, opined analysts.

"Geopolitical issues in Saudi Arabia over the weekend and into today drove the price of gold up," Reuters quoted David Meager, director of metals trading at High Ridge Futures in Chicago.

Gold futures traded from a low of $1,266.40 to a high of $1,283.90. They slipped 0.2% last week, ending Friday at their lowest level since Aug. 8.

Silver for December delivery rallied 40.1 cents, or 2.4%, to settle at $17.235 an ounce. Silver futures ranged from $16.79 to $17.27. They settled up 0.5% last week.

In other precious metals prices:

  • January platinum rose $13.10, or 1.4%, to $935 an ounce, trading between $919.60 and $938.50.

  • Palladium for December delivery added $3.60, or 0.4%, to $995.10 an ounce, ranging from $990.30 and $1,003.15.

Last week, the pair of metals registered respective increases of 0.8% and 3.5%.

London Precious Metals Prices

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

  • Gold added $3.70, or 0.3%, to 1,270.90 an ounce.
  • Silver declined 17 cents, or 1%, to $16.915 an ounce.

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

Last week, London bullion prices logged gains of 0.06% for gold, 2.2% for silver, 0.5% for platinum and 2.4% for palladium.

US Mint Bullion Sales in 2017

United States Mint bullion sales logged gains of 2,000 ounces in gold coins and 90,000 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 October November YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 0 0 0 15,000
$50 American Eagle 1 Oz Gold Coin 1,500 2,000 11,000 2,500 183,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 0 32,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 58,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 30,000 0 360,000
$50 American Buffalo 1 Oz Gold Coin 500 1,500 7,000 500 84,000
$1 American Eagle 1 Oz Silver Coin 90,000 40,000 1,040,000 90,000 17,028,500
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

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