Gold Rallies 2.9%, Ends at 10-Week High

by CoinNews.net on October 11, 2018 · 0 comments

Bullion bars and gold coins

Precious metals surged Thursday, Oct. 11

Gold futures rallied Thursday, posting their third straight session win and their strongest settlement in more than two months.

Gold for December delivery jumped $34.20, or 2.9%, to settle at $1,227.60 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since also ending at $1,227.60 an ounce on Aug. 1.

"While it took a massive washout in equities and a moderate amount of economic anxiety, the safe haven lift in gold is justified given that the Dow Jones Industrial Average into the low this morning has posted a 24 hour decline of 1,300 points," analysts at Zaner Precious Metals wrote in a daily note Thursday according to MarketWatch.

Gold futures ranged from a low of $1,194.70 to a high of $1,230. They rose 0.2% on Wednesday and on Tuesday, and fell 1.4% on Monday to register their lowest close since Sept. 27.

"A very tame U.S. inflation report also boosted the metals markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The U.S. consumer price index report for September came in at up a scant 0.1% from August, while expectations were for a 0.2% rise."

The report also showed annual inflation rose 2.3% compared to 2.7% previously.

Silver for December tacked on 28 cents, or 2%, to end at $14.606 an ounce. The finish was the best since Oct. 3. Silver futures traded between $14.27 and $14.65. They fell 0.5% on Wednesday, climbed 0.5% on Tuesday, and declined 2.2% on Monday.

In other precious metals futures prices Thursday:

  • January platinum added $19.30, or 2.3%, to $846.60 an ounce, ranging from $818.30 to $848.

  • Palladium for December delivery rose $8, or 0.8%, to $1,075.20 an ounce, trading between $1,059.30 and $1,089.50.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold gained $16.95, or 1.4%, to 1,205.55 an ounce.
  • Silver added 2.5 cents, or 0.2%, to $14.40 an ounce.

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

US Mint Bullion Sales in 2018

United States Mint bullion sales grew by a combined 4,000 ounces in American Eagle and Buffalo gold coins.

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 Week September October 2018 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 3,000 4,500 6,000 14,500 10,500 161,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 2,000 1,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 0 58,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 40,000 10,000 210,000
$50 American Buffalo 1 Oz Gold Coin 1,000 1,500 1,000 11,000 2,500 110,500
$1 American Eagle 1 Oz Silver Coin 0 670,000 260,000 2,897,500 930,000 13,065,000
Pictured Rocks 5 Oz Silver Coin* 0 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin* 0 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin* 0 0 0 0 0 30,000
Cumberland Island 5 Oz Silver Coin 0 0 0 52,500 0 52,500

 

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