Precious metals futures rallied Monday. Gold scored an 11-month high and silver settled at its best price since early June.
Gold for December delivery jumped $17.40, or 1.3%, to settle at $1,315.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Sept. 30 when gold prices ended at $1,317.10 an ounce. The yellow metal climbed as the U.S. dollar dropped.
"Expectations that the Federal Reserve will take the lead in tightening monetary policy ahead of future action by European Central Bank and/or the Bank of Japan has not helped the U.S. dollar," MarketWatch quoted Michael Armbruster, managing partner at brokerage firm Altavest.
Gold futures ranged from a low of $1,297 to a high of $1,315.70. They advanced 0.5% last week.
Meanwhile, silver for September delivery surged 39.2 cents, or 2.3%, to settle at $17.441 an ounce. The close is the strongest since June 6 when prices finished at $17.71 an ounce. Silver futures traded between $17.02 and $17.455. They rose last week by 0.3%.
In rounding out precious metals dealings on Monday:
October platinum gained $10.20, or 1%, to $989.30 an ounce, ranging from $976.80 to $991.10.
- Palladium for September delivery added $3.15, or 0.3%, to $934.20 an ounce, trading between $928 and $939.10. One week ago, palladium ended at $939 an ounce for its highest settlement since February 2001.
Last week, palladium edged down 0.3% and palladium climbed 0.4%.
London Precious Metals Prices
London market closed Monday for a public holiday. In London bullion prices on Friday:
- Gold declined $3.70 or 0.3%, to 1,285.30 an ounce.
- Silver added 9 cents, or 0.5%, to $17.02 an ounce.
- Platinum fell $2, or 0.2%, to $975 an ounce.
- Palladium declined $10, or 1.1%, to $930 an ounce.
Last week, London bullion prices logged declines of 0.8% for both gold and silver, 1% for platinum, and 0.2% for palladium.
US Mint Bullion Sales in 2017
U.S. Mint bullion silver coins advanced by 447,5000 ounces while sales of gold coins remained unchanged.
A portion of the silver sales included the fourth 2017-dated America the Beautiful Five Ounce Silver Bullion Coin. Emblematic of Ellis Island in New Jersey, its first-day sales reached 29,500 coins or 147,500 ounces — totals that already surpass this year’s second and third five-ounce issues.
Also on Monday, the U.S. Mint released rolls and bags of Ellis Island quarters. The five ounce silver coin and quarter share designs.
Below is a sales breakdown of U.S. 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)|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||1,500||13,500||6,000||161,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||2,000||29,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||4,000||2,000||54,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||15,000||30,000||15,000||305,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||6,000||2,500||74,500|
|$1 American Eagle 1 Oz Silver Coin||300,000||190,000||2,320,000||725,000||15,278,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||0||0||0||35,000|
|2017 Frederick Douglass 5 Oz Silver Coin||0||0||0||0||20,000|
|2017 Ozark Riverways 5 Oz Silver Coin||0||0||0||0||20,000|
|2017 Ellis Island 5 Oz Silver Coin||29,500||N/A||N/A||29,500||29,500|