Gold Scores 15-Week High in 2018 Start

by CoinNews.net on January 2, 2018 · 0 comments

Silver and Gold Bullion

Gains in precious metals futures ranged from 0.4% for silver to 2.5% for palladium

Gold futures extended their winning streak to eight straight sessions Tuesday, ending at a 15-week high in their start to the new trading year. Most markets closed Monday in observance of New Year’s Day.

Gold for February delivery rose $6.80, or 0.5%, to settle at $1,316.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 20 when prices ended 30 cents higher.

"With the dollar stumbling into the new year under renewed selling pressure, gold is likely to remain heavily supported, with prices potentially appreciating towards $1,320 this week," MarketWatch quoted Lukman Otunuga, research analyst at FXTM.

Gold futures traded from a low of $1,304.60 to a high of $1,320.40. They jumped 13.7% in 2017.

Finishing higher for a fifth straight session, silver for March delivery added 6.1 cents, or 0.4%, to end at $17.206 an ounce. The close was the strongest since Nov. 17 when prices settled at $17.373 an ounce. Silver futures ranged from $16.98 to $17.25. They advanced 7.2% last year.

In other precious metals futures prices Tuesday:

  • April platinum gained $9.50, or 1%, to $947.80 an ounce, trading between $934.50 and $950.50.

  • Palladium for March delivery rallied $26.35, or 2.5%, to $1,087.34 an ounce, ranging from $1,056.60 to $1,090.45. The close was the strongest since early 2001.

In 2017, platinum rose 3.6% and palladium soared 55.3%.

London Precious Metals Prices

UK markets had been closed since Friday morning. When comparing those AM precious metals prices to the PM prices on Tuesday:

  • Gold rose $15.55, or 1.2%, to $1,312.05 an ounce.
  • Silver added 19.5 cents, or 1.2%, to $17.06 an ounce.

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

London precious metals prices climbed last year, posting annual gains of 11.9% for gold, 3.9% for silver, 2.2% for platinum and 56.2% for palladium.

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)
Tuesday Last Week December 2017 Sales 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000 0
$25 American Eagle 1 Oz Palladium Coin* 0 0 0 15,000 0
$50 American Eagle 1 Oz Gold Coin 0 2,000 38,000 228,500 0
$25 American Eagle 1/2 Oz Gold Coin 0 0 3,000 37,000 0
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 64,000 0
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 395,000 0
$50 American Buffalo 1 Oz Gold Coin 0 0 14,000 99,500 0
$1 American Eagle 1 Oz Silver Coin 0 0 742,000 18,065,500 0
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 35,000 0
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 20,000 0
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 20,000 0
2017 Ellis Island 5 Oz Silver Coin* 0 0 0 40,000 0
2017 George Rogers Clark 5 Oz Silver Coin 0 0 0 32,400 0

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