Gold Ends Closer to 1-1/2-Year High

by CoinNews.net on January 25, 2018 · 0 comments

Gold bullion, Three Bars

Gold futures ended at their best price since Aug. 4, 2016

Gold futures climbed for a third day in a row Thursday, and closed at a new, nearly 1-1/2-year high.

Gold for February delivery added $6.60, or 0.5%, to settle at $1,362.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Aug. 4, 2016, when prices closed at $1,367.40 an ounce.

"Price actions in many markets to start 2018 strongly suggest the raw commodity sector is now starting a cyclical upturn," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily report. "It appears much better times are ahead for raw commodity market bulls, including the precious metals."

Gold futures traded from a low of $1,352.60 to a high of $1,365.40. They advanced 1.5% on Wednesday, climbed 0.4% on Tuesday, and dipped 0.1% on Monday.

Elsewhere, silver for March delivery tacked on 12.6 cents, or 0.7%, to settle at $17.615 an ounce. The settlement is the strongest since Sept. 15, 2017, when the precious metal finished at $17.701 an ounce. Silver futures ranged from $17.45 to $17.71. They surged 3.4% in the previous session, fell 0.5% on Tuesday, and lost 0.3% on Monday.

In rounding out precious metals futures prices:

  • April platinum advanced $16.30, or 1.6%, to $1,032.10 an ounce, trading between $1,011.30 and $1,033.30.

  • Palladium for March delivery lost $8.95, or 0.8%, to $1,097.40 an ounce, ranging from $1,088.50 to $1,109.35.

London Precious Metals Prices

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

  • Gold added $1.25, or less than 0.1%, to $1,354.95 an ounce.
  • Silver rose 33 cents, or 1.9%, to $17.52 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. 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)
Thursday 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 5,000 25,000 395,000 75,000
$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 0 250,000 325,000 742,000 18,065,500 3,095,000

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