Gold Rises 0.4% in February Start

by CoinNews.net on February 1, 2018 · 0 comments

Gold bullion and gold bullion coins

Gold, platinum and palladium futures rose modestly Thursday, Feb 1.

Most precious metals futures advanced Thursday. Silver was the exception. Gold climbed for a second day in a row after falling for three straight.

Gold for April delivery added $4.80, or 0.4%, to settle at $1,347.90 an ounce on the Comex division of the New York Mercantile Exchange.

"A continued erosion of the U.S. dollar in the foreign exchange markets worked to support the yellow metal on this day," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"Traders and investors are looking ahead to Friday morning’s monthly U.S. employment situation report from the Labor Department," Wyckoff added.

Gold futures traded from a low of $1,340.20 to a high of $1,354.30. They rose 0.2% on Wednesday, ending the month of January with a 2.6% gain.

Silver for March delivery declined 8.6 cents, or 0.5%, to settle at $17.155 an ounce. Silver futures ranged from $17.07 to $17.38. They added 1.1% on Wednesday, closing out last month with a 0.6% increase.

In other precious metals futures:

  • April platinum moved up $3.50, or 0.4%, to $1,007.80 an ounce, trading between $995.90 and $1,013.40.

  • Palladium for March delivery rose $1.15, or 0.1%, to $1,024.70 an ounce, ranging from 1,012.35 and $1,038.

London Precious Metals Prices

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

  • Gold declined $3.70, or 0.3%, to $1,341.35 an ounce.
  • Silver fell 4 cents, or 0.2%, to $17.19 an ounce.
  • Platinum declined $7, or 0.7%, to $996 an ounce.
  • Palladium fell $12, or 1.1%, to $1,039 an ounce.

US Mint Bullion Sales in 2018

U.S. 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 / Feb Last Week This Week December 2017 Sales 2018 Sales
$50 American Eagle 1 Oz Gold Coin 0 4,500 1,000 38,000 228,500 36,000
$25 American Eagle 1/2 Oz Gold Coin 0 2,000 0 3,000 37,000 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 4,000 64,000 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 25,000 395,000 80,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 500 14,000 99,500 24,000
$1 American Eagle 1 Oz Silver Coin 0 325,000 140,000 742,000 18,065,500 3,235,000

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