Gold futures settled higher in their start to the new trading week on Monday, snapping a three-session losing streak, while silver advanced for the first time in seven sessions.
Gold for August delivery tacked on $9.70, or 0.8%, to close at $1,173.20 an ounce on the Comex division of the New York Mercantile Exchange. Most of the gains happening toward the end of the trading session.
"Gold prices rebounded in later trading Monday to score moderate gains on some safe-haven demand, and on short covering and bargain hunting following recent selling pressure," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Events in Greece and China prompted some safe-haven buying in gold. However, sharply lower crude oil prices that hit a three-month low Monday did limit the upside in the yellow metal."
The precious metal ranged from a low of $1,161.90 to a high of $1,174.40. Gold prices last week ended at a 3-1/2 month low.
Silver for September delivery added 19 cents, or 1.2%, to settle at $15.75 an ounce. Silver prices traded between $15.50 and $15.82.
In other precious metals dealings:
October platinum fell $17.70, or 1.6%, to $1,066.30 an ounce, ranging from $1049 to $1090.
- Palladium for September declined $18, or 2.6%, to $676.15 an ounce, trading between $665.05 and $695.95.
London Precious Metals Prices
Earlier fixed London precious metals prices declined on the day. In comparing London bullion prices from Friday PM to Monday PM:
- Gold shed $1.95, or 0.2%, to $1,166 an ounce,
- Silver fell 5 cents, or 0.3%, to $15.59 an ounce,
- Platinum declined $35, or 3.2%, $1,047 an ounce, and
- Palladium lost $15, or 2.2%, to $670 an ounce.
US Mint Bullion Coin Sales in July
United States Mint bullion sales surged to start the week as all available coins advanced. Gains included 11,500 ounces in gold coins and 826,000 in American Silver Eagles. Gold and silver sales last week were the strongest since the week after the first issues of 2015 launched in January.
Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Monday Sales||Last Week||June Sales||July Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||8,500||21,000||62,500||17,500||216,000|
|$25 American Eagle 1/2 Oz Gold Coins||1,000||2,000||4,000||2,000||38,000|
|$10 American Eagle 1/4 Oz Gold Coins||2,000||8,000||12,000||6,000||76,000|
|$5 American Eagle 1/10 Oz Gold Coins||10,000||15,000||85,000||15,000||405,000|
|$50 American Buffalo 1 Oz Gold Coins||1,000||7,500||21,000||3,500||100,000|
|$1 American Eagle 1 Oz Silver Coins||826,000||1,932,000||4,840,000||1,608,000||23,394,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins**||–||–||35,000||–||35,000|
**The Blue Ridge Parkway bullion coin temporarily sold out on the day of its launch, June 22. Its sales will resume on Monday, July 13.