Precious metals futures on Thursday posted strong gains that ranged from 1.7% for palladium to 2.5% for palladium. Gold and silver were in the middle, rising 2% and 2.3%. Gold, notably, settled at a five-week high.
Gold for December delivery jumped $22.30 to close at $1,153.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Aug. 21 when gold ended at $1,159.60 an ounce.
"The yellow metal saw a combination of strong short covering in the futures market, bargain hunting in the cash market, and some fresh safe-haven demand amid sharp losses in the U.S. stock market," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
Gold prices traded from a low of $1,129.50 to a high of $1,156.40. They climbed on Wednesday by $6.70 or 0.6%.
Advancing for the sixth time in seven sessions, silver for December delivery tacked on 34 cents to settle at $15.13 an ounce. Silver prices ranged from $14.75 to $15.18.
In other precious metals futures on Thursday:
October platinum added $23.40 to end at $955.80 an ounce, trading between $931.60 and $959.70.
- Palladium for December delivery gained $10.75 to finish at $656.45 an ounce, ranging from $637.40 to $663.
London Precious Metals Prices
Earlier fixed London gold and silver prices were mixed. In comparing their prices from Wednesday PM to Thursday PM:
- Gold added $23.15, or 2.1%, to $1,154.50 an ounce.
- Silver slipped a penny to $14.79 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in September
United States Mint gold sales were unchanged Thursday as of 4:22 p.m. If they remain such, it will mark two straight days of zero gains.
The Mint’s weekly allocation of bullion Silver Eagles was claimed on Tuesday. More will not be available until Monday.
Below is a listing of United States Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Thursday Sales||Last Week||This Week||August Sales||Sept Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||35,500||12,000||78,500||88,500||510,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||3,000||1,000||8,000||7,000||61,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||8,000||4,000||24,000||16,000||138,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||40,000||30,000||130,000||140,000||795,000|
|$50 American Buffalo 1 Oz Gold Coins||0||6,500||3,000||20,000||19,500||168,000|
|$1 American Eagle 1 Oz Silver Coins||–||809,500||750,000||4,935,000||2,804,500||35,054,500|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins*||–||45,000|