Gold Ends at 3-Week High, Silver Rises

by on May 5, 2014 · 0 comments

6 gold bars

Gold prices closed at a three-week high

Gold advanced for a second session in a row Monday with safe-haven demand lifting prices to a three-week high.

Gold for June delivery rose $6.40, or 0.5%, to finish at $1,309.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the highest since April 14. Gold traded from a low of $1,266.80 to a high of $1,315.80. More investors turned to the safety of gold since Friday as tensions between Russia and Ukraine increased.

"The further escalation of the situation in Ukraine has prompted gold purchases, especially on the futures market," Reuters quoted Eugen Weinberg, head of commodity research at Commerzbank.

Gold prices last week declined through the first four days then surged on Friday to end the week 0.2% higher.

Other precious metals futures advanced as well to start the new trading week. In their daily breakdowns:

  • Silver for July delivery edged up 2 cents, or 0.1%, to $19.57 an ounce, ranging from $18.78 to $19.75.

  • July platinum added $7.70, or 0.5%, to $1,448.40 an ounce, trading between $1,416.50 and $1,454.90.

  • Palladium for June delivery rose $4.10, or 0.5%, to $816.50 an ounce, ranging from $809.55 to $821.55.

Silver dropped 0.7% last week but platinum and palladium rose 1.2% and 0.2%.

London Fix Precious Metals

London markets closed Monday for May Day holiday. The London precious metals fixings on Friday were:

  • Gold at $1,281.25 an ounce,
  • Silver at $19.17 an ounce,
  • Platinum at $1,425 an ounce, and
  • Palladium at $816 an ounce

Last week in London, gold fell 1.5% and silver lost 2.5% while platinum rose 0.5% and palladium gained 1.4%.

US Mint Bullion Sales in March

United States Mint bullion sales were unchanged Monday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, last month, the month so far, and the year-to-date.

American Eagle and Buffalo Bullion Sales (# of coins)
Monday Sales Sales Last Week April Sales May Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 200 1,200 0 11,200
$50 American Eagle Gold Bullion Coins 0 3,500 26,000 0 126,500
$25 American Eagle Gold Bullion Coins 0 4,000 5,000 0 22,000
$10 American Eagle Gold Bullion Coins 0 0 20,000 0 62,000
$5 American Eagle Gold Bullion Coins 0 20,000 55,000 5,000 295,000
$50 American Buffalo Gold Bullion Coins 0 5,000 17,500 1,500 84,500
$1 American Eagle Silver Bullion Coins 0 1,086,500 4,590,500 171,000 18,640,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins N/A* N/A* 10,600 0 23,000


*The U.S. Mint on April 21 said it temporarily sold out of Great Smoky Mountains National Park 5 Oz Silver Bullion Coins and that it would have additional inventory available in a few weeks.

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