Gold futures rallied near a three-week high Monday as the U.S. dollar weakened and investors were bullish toward commodities and stocks.
Gold prices advanced $35.00, or 2.1 percent, to close at $1,670.80 an ounce in the December futures contract on the Comex in New York. It was the highest settlement price since September 22 when gold closed at $1,741.70 an ounce — one day before it plunged by nearly $102. Prices on Monday traded between an intraday low of $1,639.90 and a high of $1,676.70.
"Gold is rallying as a commodity instead of a flight-to-quality asset. Until that trend changes, you can get your head ripped off trying to play the other side of it," Reuters quoted Adam Klopfenstein, senior market strategist at futures broker MF Global. "Right now, the theme for gold is its positive correlation with equities and the commodity spectrum," he said.
Silver prices for December delivery rose 98.7 cents, or 3.2 percent, to settle at $31.98 an ounce. Prices ranged from $31.215 to $32.360. Jim Wyckoff of Kitco Metals Inc. writes in the Monday Kitco Roundup about silver’s near-term technicals:
"December silver futures prices closed nearer the session high Monday. Silver bulls’ next upside price objective is producing a close above strong technical resistance at $33.585 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $28.435. First resistance is seen at Monday’s high of $32.36 and then at last week’s high of $32.85. Next support is seen at $31.50 and then at Monday’s low of $31.215. Wyckoff’s Market Rating: 5.0."
Platinum prices for January delivery advanced $31.80, or 2.1 percent, to close at $1,525.10 an ounce. Platinum hit a low at $1,490.00 and a high at $1,531.60.
Palladium prices for December delivery surged $28.45, or 4.9 percent, to settle at $614.30 an ounce, trading between $581.50 and $620.00.
London Precious Metals Fixings
London precious metals were mixed when comparing PM fixings on Monday to those on Friday. The gold fix advanced $9.00 to $1,661.00 an ounce, silver gained 25.0 cents to $32.23 an ounce and palladium added $3.00 to $612.00 an ounce. The platinum fixing fell $16.00 to $1,513.00 an ounce.
U.S. Mint Bullion Coin Sales
U.S. Mint bullion coin sales totals were unchanged from Friday as of 4:32 p.m. ET. The latest daily, monthly and year-to-date bullion coin sales figures follow:
|Sales of U.S. Mint American Eagle and Buffalo Bullion Coins|
|Gold Eagle Coin (1 oz.)||0||21,500||781,500|
|Gold Eagle Coin (1/2 oz.)||0||2,000||64,000|
|Gold Eagle Coin (1/4 oz.)||0||4,000||76,000|
|Gold Eagle Coin (1/10 oz.)||0||0||345,000|
|Gold Buffalo Coin (1 oz.)||0||5,000||132,500|
|Silver Eagles (1 oz.)||0||1,662,000||35,073,500|
|Sales of America the Beautiful 5 Oz. Silver Bullion Coins*|
|Gettysburg National Military Park 5 oz. Silver Coin||126,700|
|Glacier National Park 5 oz. Silver Coin||126,700|
|Olympic National Park 5 oz. Silver Coin||82,200|
|Vicksburg National Military Park 5 oz. Silver Coin||30,500|
|Chickasaw Park 5 oz. Silver Coin||20,500|
*The as of date for U.S. Mint sales of its America the Beautiful 5-ounce Silver Bullion Coins is Monday, October 3, 2011, as the Mint does not publish daily sales levels for its 5-ounce coins.