Gold Marks 10-Week High; Nears $1,300

by CoinNews.net on December 28, 2017 · 0 comments

Gold Bullion, US Money

Advances in precious metals futures ranged from 0.4% for platinum to 1% for silver

Precious metals futures moved ahead together for a third straight day as the U.S. dollar weakened. Several reached noteworthy highs with settlement peaks of about 17 years for palladium; 10 weeks for gold; and 4 weeks for silver.

Gold for February delivery tacked on $5.80, or 0.5%, to settle at $1,297.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Oct. 16 when prices closed at $1,303 an ounce.

"The technicals favor the upside. The gravitational force is trying to break through the (key) psychological level of $1,300," Reuters quoted Eli Tesfaye, senior market strategist for brokerage RJO Futures in Chicago.

Gold futures ranged from a low of $1,290.50 to a high of $1,297.30. They gained 0.3% on Wednesday and rose 0.7% in their start to the holiday-shortened trading week on Tuesday.

Elsewhere, silver for March delivery advanced 16.7 cents, or 1%, to finish at $16.923 an ounce. The settlement was the highest since Nov. 27 when prices ended at $17.02 an ounce. Silver futures traded between $16.71 and $16.93. They gained 0.9% on Wednesday and moved up 1% on Tuesday.

In other precious metals dealings Thursday:

  • April platinum rose $3.50, or 0.4%, to $931.50 an ounce, ranging from $925.30 to $932.90.

  • Palladium for March delivery settled up $7.10, or 0.7%, to $1,063.45 an ounce, trading between $1,047.15 and $1,064.50. The close is the strongest since February 2001.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold added $11.60, or 0.9%, to $1,291 an ounce.
  • Silver added 24 cents, or 1.5%, to $16.74 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Sales in 2017

United States Mint bullion sales climbed by 2,000 ounces in American Gold 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)
Thursday / This Week Last Week November December YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 0 0 0 15,000
$50 American Eagle 1 Oz Gold Coin 2,000 8,000 9,500 38,000 228,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 3,000 37,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 64,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 10,000 25,000 395,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 2,000 14,000 99,500
$1 American Eagle 1 Oz Silver Coin 0 0 385,000 742,000 18,065,500
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
2017 George Rogers Clark 5 Oz Silver Coin 0 0 32,400 0 32,400

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