Precious metals advanced for a second straight session Thursday as the U.S. dollar retreated. Gold futures closed to a more than 14-week high while silver futures marked a fresh 3-month high.
Gold for April delivery gained $16.20, or 1.4%, to settle at $1,157.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the strongest since Oct. 28 when prices ended at $1,176.10 an ounce.
"Add the slumping U.S. dollar index to the list of bullish elements helping to drive gold and silver prices higher recently," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Safe-haven and technical buying continue to support the yellow metal amid volatile world stock markets that presently still have a downside bias."
Gold prices traded from a low of $1,139.70 to a high of $1,157.80. They advanced 1.3% in the prior session and are 3.7% higher on the week.
Silver for March delivery rose 11.6 cents, or 0.8%, to end at $14.85 an ounce. The settlement was the highest since Nov. 5 when prices ended at $14.98 an ounce. Silver prices ranged from $14.65 to $14.93. They rallied 3.1% on Wednesday and are 4.3% higher on the week.
In other precious metals futures on Thursday:
April platinum gained $26.20, or 3%, to $906.30 an ounce, trading between $880.30 and $907.90.
- Palladium for March delivery added a nickel, or less than 0.1%, to $515.60 an ounce, ranging from $506 to $517.85.
London Precious Metals Prices
Earlier fixed London gold and silver prices also moved higher together for a second straight day. In comparing their levels from Wednesday PM to Thursday PM:
- Gold added $24.35, or 2.2%, to $1,156.35 an ounce.
- Silver added 33 cents, or 2.3%, to $14.74 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2016
United States Mint bullion sales were unchanged as of 3:48 p.m. ET. Sales of American Silver Eagles will not change until at least Monday with all of this week’s supply already ordered.
Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Thursday||Last Week||This Week / Feb||Jan Sales||2016 Sales|
|$50 American Eagle 1 Oz Gold Coins||0||12,000||7,500||89,000||96,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||3,000||0||23,000||23,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||4,000||0||36,000||36,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||10,000||10,000||150,000||155,000|
|$50 American Buffalo 1 Oz Gold Coins||0||4,000||2,000||34,000||36,000|
|$1 American Eagle 1 Oz Silver Coins||0||926,500||1,045,500||5,954,500||7,000,000|
|2016 Shawnee 5 Oz Silver Coins||0||N/A||41,800||N/A||41,800|