Gold Hits 2-Month High, Silver Marks 5-Week High

closeup of gold bullion
Most precious metals futures gained Tuesday

Gold and silver rallied in their start to the new trading week Tuesday with U.S. markets closed on Monday for the Martin Luther King Jr. Day holiday. Gold scored a 2-month high and silver logged a 5-week high.

Gold for February delivery tacked on $16.70, or 1.4%, to settle at $1,212.90 an ounce on the Comex division of the New York Mercantile Exchange. The close is the highest since Nov. 17.

"Resurfacing worries about the U.K. leaving the European Union prompted some safe-haven demand for gold today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A sharply lower U.S. dollar index that hit a four-week low Tuesday also worked in favor of the precious metal market bulls."

Gold futures ranged from a low of $1,198 to a high of $1,218.90. They gained 1.9% last week, for their third weekly increase.

Ending higher for the first time in four sessions, silver for March delivery jumped 38.3 cents, or 2.3%, to $17.148 an ounce. The settlement is the highest since Dec. 14. Silver futures ranged from $16.80 to $17.25. They moved up 1.5% last week.

In other precious metals dealings:

  • April platinum declined $3.30, or 0.3%, to $983.10 an ounce, trading between $976.70 and $997.50.

  • Palladium for March delivery climbed $3.85, or 0.5%, to $753 an ounce, ranging from $737.45 to $760.50.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Monday PM to Tuesday PM:

  • Gold added $13.05, or 1.1%, to $1,216.05 an ounce.
  • Silver added 18 cents, or 1.1%, to $17 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 2017

United States Mint bullion sales advanced by 825,000 ounces in American Silver Eagles and by 12,500 ounces in gold coins, with splits of 11,000 ounces in American Gold Eagles and 1,500 ounces in American Gold Buffalos. The Silver Eagle tally is already the most for a month since sales of 4.782 million coins in February 2016.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday / This Week Last Week Dec Sales Jan Sales
$50 American Eagle 1 Oz Gold Coins 10,000 55,500 23,000 65,500
$25 American Eagle 1/2 Oz Gold Coins 0 18,000 3,000 18,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 30,000 2,000 32,000
$5 American Eagle 1/10 Oz Gold Coins 5,000 85,000 40,000 90,000
$50 American Buffalo 1 Oz Gold Coins 1,500 24,500 12,500 26,000
$1 American Eagle 1 Oz Silver Coins 825,000 3,747,500 240,000 4,572,500
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coins*
2016 Harpers Ferry 5 Oz Silver Coins 0 0 100 0
2016 Theodore Roosevelt 5 Oz Silver Coins* 800
2016 Fort Moultrie 5 Oz Silver Coins 0 0 0 0


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