Most precious metals futures ended nearly flat in their start to the week on Monday. Palladium was the exception, falling 2.1%.
Gold for December delivery edged up 40 cents to settle at $1,280.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Short covering by the futures traders and some perceived bargain buying in both cash and futures supported the late-session bounce in prices," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
"The U.S. dollar was higher Monday and hit a two-week high overnight. The firmer greenback also limited the upside in the precious metals markets," Wyckoff added.
Gold futures traded from a low of $1,273.60 to a high of $1,284.30. They dropped 1.9% last week, ending at their lowest level since Oct. 6.
Meanwhile, silver for December delivery shed less than a half cent to settle at $17.075 an ounce. Silver futures ranged from $16.87 to $17.13. They also lost 1.9% last week.
In other precious metals prices on Monday:
-
January platinum added 40 cents to $927.20 an ounce, trading between $916 and $929.30.
- Palladium for December delivery dropped $19.90 to $949.95 an ounce, ranging from $948.45 to $973.15.
Last week, the two metals registered respective losses of 2.2% and 1.6%.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold declined $6.30, or 0.5%, to 1,274.90 an ounce.
- Silver declined 8 cents, or 0.5%, to $16.995 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, London bullion prices declined by 1.4% for gold, 0.7% for silver, 2.3% for platinum and 2% for palladium.
US Mint Bullion Sales in 2017
United States Mint bullion sales climbed by 2,000 ounces in American Gold Eagles and by 175,000 ounces in American Silver Eagles.
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) | |||||
|---|---|---|---|---|---|
| Monday | Last Week | September | October | YTD | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 20,000 |
| $25 American Eagle 1 Oz Palladium Coin* | 0 | 0 | 15,000 | 0 | 15,000 |
| $50 American Eagle 1 Oz Gold Coin | 2,000 | 2,500 | 8,000 | 10,000 | 180,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 2,000 | 32,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 2,000 | 2,000 | 58,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 20,000 | 25,000 | 25,000 | 355,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 2,500 | 1,500 | 4,500 | 81,000 |
| $1 American Eagle 1 Oz Silver Coin | 175,000 | 450,000 | 320,000 | 925,000 | 16,823,500 |
| 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* | 0 | 0 | 0 | 0 | 40,000 |
