Precious metals future climbed Monday, led by silver and then gold. Gold bounced from its lowest close in four months, rising for the first time in seven sessions.
Gold for December delivery turned up $8.50, or 0.7%, to settle at $1,260.40 an ounce on the Comex division of the New York Mercantile Exchange. Bargain hunting was among the factors cited for gains.
"When you see prices get that low you’re going to have people come in and start buying gold ETFs and physical gold," Bloomberg News quoted Phil Streible, a senior market strategist at RJO Futures in Chicago. "Investors are buying here at a discount thinking prices can come back."
Gold futures ranged from a low of $1,258.50 to a high of $1,266.80. They dropped 5% last week for their biggest weekly decline since September 2013. On Friday, gold prices closed at their lowest level since June 7.
Higher for a second session in a row after falling for four straight, silver for December delivery tacked on 27.9 cents, or 1.6%, to settle at $17.659 an ounce. Silver futures traded between $17.57 and $17.84. They plunged last week by 9.6%.
In other precious metals dealings:
January platinum rose $2.80, or 0.3%, to $965.40 an ounce, ranging from $963.70 and $978.50.
- Palladium for December delivery gained $1.15, or 0.2%, to $668.55 an ounce, trading between $662.50 and $677.50.
Last week, the two metals fell by 7% and 7.5%.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Friday PM to Monday PM:
- Gold edged up 75 cents to $1,259.50 an ounce.
- Silver gained 45 cents, or 2.6%, to $17.78 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, London bullion registered losses that reached to 4.8% for gold, 10.4% for silver, 5.7% for platinum and 6.6% for palladium.
US Mint Bullion Coin Sales in 2016
U.S. Mint bullion totals were unchanged Monday following their best week of sales since January. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Monday Sales||Last Week||Sept Sales||Oct Sales||2016 Sales|
|$100 American Eagle 1 Oz Platinum Coins*||–||20,000|
|$50 American Eagle 1 Oz Gold Coins||0||42,000||79,000||42,000||607,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||1,000||5,000||1,000||57,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||6,000||16,000||6,000||122,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||15,000||85,000||15,000||715,000|
|$50 American Buffalo 1 Oz Gold Coins||0||8,000||17,500||8,000||157,000|
|$1 American Eagle 1 Oz Silver Coins||0||1,405,000||1,675,000||1,405,000||31,980,500|
|2016 Shawnee 5 Oz Silver Coins*||–||105,000|
|2016 Cumberland Gap 5 Oz Silver Coins*||–||75,000|
|2016 Harpers Ferry 5 Oz Silver Coins||0||0||200||0||36,300|
|2016 Theodore Roosevelt 5 Oz Silver Coins||0||1,000||2,000||1,000||30,500|