Gold Rises as Dollar Slump Continues

by CoinNews.net on January 23, 2018 · 0 comments

Bullion gold bars and US $100s.

Gold rose slightly Tuesday, Jan. 23, as the U.S. dollar declined

Precious metals ended divided Tuesday with gold and platinum higher and silver and palladium lower.

Gold for February delivery gained $4.80, or 0.4%, to settle at $1,336.70 an ounce on the Comex division of the New York Mercantile Exchange.

"There has been no fresh, major fundamental news to drive the safe-haven metal higher early this week. However, the gold charts continue to look bullish, which is inviting technically related buyers," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"A slumping U.S. dollar index that fell to a more-than-three-year low Tuesday also worked in favor of the precious metals market bulls," Wyckoff added.

Gold futures traded from a low of $1,330.70 to a high of $1,338.90. They dipped 0.1% on Monday.

Meanwhile, silver for March delivery fell 7.6 cents, or 0.5%, to settle at $16.913 an ounce. Silver futures ranged from $16.73 to $17.09. They lost 0.3% in the previous session.

In other precious metals prices:

  • April platinum added $11, or 1.1%, to $1,007.80 an ounce, trading between $993.50 and $1,013.30.

  • Palladium for March delivery declined $8.05, or 0.7%, to $1,084.25 an ounce, ranging from $1,082 to $1,095.85.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:

  • Gold declined $2.35, or 0.2%, to $1,332.60 an ounce.
  • Silver slipped a half penny, or less than 0.1%, to $17.035 an ounce.

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

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged Tuesday. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Tuesday Last Week This Week December 2017 Sales 2018 Sales
$50 American Eagle 1 Oz Gold Coin 0 3,500 4,500 38,000 228,500 35,000
$25 American Eagle 1/2 Oz Gold Coin 0 2,000 2,000 3,000 37,000 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 64,000 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 10,000 25,000 395,000 80,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 2,500 14,000 99,500 23,500
$1 American Eagle 1 Oz Silver Coin 0 250,000 250,000 742,000 18,065,500 3,020,000

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