Gold Tops $1,300 After Slipping to Near 2018 Low

by CoinNews.net on May 24, 2018 · 0 comments

Gold Bullion Bars

Gold futures finished Thursday at $1,304.40 an ounce

Gold, silver and platinum futures scored gains on Thursday that reached from 1.2% to 1.7%. Gold settled atop the all-important level of $1,300 an ounce for the first time since Monday of last week.

Gold for June delivery tacked on $14.80, or 1.2%, to settle at $1,304.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the strongest since May 14.

"Although gold had been showing moderate strength in recent sessions, I chalk up today’s spike to safe haven buying, and such moves are never long-lasting phenomena that investors should bet upon," MarketWatch quoted Brien Lundin, editor of Gold Newsletter.

"Still, getting back above $1,300 and putting such a buffer between it and that critical level does help the technical picture for gold," he said.

Gold futures traded from a low of $1,292.20 to a high of $1,306.40. They declined 0.2% on Wednesday — ending just 20 cents higher than their weakest close of the year, rose 0.09% on Tuesday, and slipped less than 0.1% (40 cents) on Monday.

Silver for July delivery jumped 28.2 cents, or 1.7%, to close at $16.687 an ounce. Silver futures ranged from $16.42 to $16.72. They fell 1% on Wednesday, gained 0.3% on Tuesday, and rose 0.4% on Monday.

In other precious metals futures prices on Thursday:

  • July platinum rose $11.80, or 1.3%, to $912.60 an ounce, trading between $903.30 and $914.70.

  • Palladium for June delivery slipped $3.60, or 0.4%, to $967.50 an ounce, ranging from $963.60 to $978.50.

London Precious Metals Prices

LBMA bullion prices are available on the LBMA website with a delay of midnight.

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged Thursday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Thursday Last Week This Week April May 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 10,000 0 0 10,000 30,000
$50 American Eagle 1 Oz Gold Coin 0 3,000 8,000 4,000 12,500 60,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 12,000 6,000 0 18,000 44,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 5,000 10,000 110,000
$50 American Buffalo 1 Oz Gold Coin 0 5,500 6,500 2,000 16,500 47,000
$1 American Eagle 1 Oz Silver Coin 0 100,000 230,000 915,000 380,000 6,387,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 30,000 0 30,000

 

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