Gold Ends at Two-Week High After Inflation Tame Inflation Data

by CoinNews.net on May 10, 2018 · 0 comments

Inflation and Gold Coins

Gold and silver moved higher following the release of U.S. inflation data

Gold futures rebounded Thursday, after three consecutive session losses of less than 0.1% each, closing at a two-week high.

Gold for June delivery tacked on $9.30, or 0.7%, to settle at $1,322.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since April 27.

"The metals see upside support from a bit of safe-haven demand, a lower U.S. dollar index, a tame U.S. inflation report, and some short covering in the futures markets.," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.

Early Thursday, the U.S. Labor Department said consumer prices increased 0.2% in April — below the expectations of a 0.3% increase — but climbed 2.5% year-over-year for the biggest gain since February 2017. Precious metals rose after the news.

Gold futures ranged from a low of $1,310.60 to a high of $1,323.40. They edged down 70 cents on Wednesday, slipped 40 cents on Tuesday, and dipped 60 cents in starting the week on Monday.

Advancing for a second straight session, silver for July delivery added 22 cents, or 1.3%, to close at $16.759 an ounce. Silver futures traded between $16.50 and $16.79. They rose 0.4% on Wednesday, lost 0.1% on Tuesday, and fell 0.2% on Monday.

In other precious metals futures prices on Thursday:

  • July platinum rose $8.50, or 0.9%, to $925.10 an ounce, ranging from $914.40 to $929.20.

  • Palladium for June delivery surged $23.30, or 2.4%, to $993.90 an ounce, trading between $968.80 and $997.50.

London Precious Metals Prices

LBMA bullion prices are available on the LBMA website with a delay of midnight.

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged for a second day after registering their first gains of the month on Tuesday.

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

US Mint Bullion Sales (# of coins)
Thursday Last Week This Week / May March April 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 500 1,500 2,500 4,000 49,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 10,000 5,000 105,000
$50 American Buffalo 1 Oz Gold Coin 0 500 4,500 1,000 2,000 35,000
$1 American Eagle 1 Oz Silver Coin 0 230,000 50,000 915,000 915,000 6,057,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 10,000 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 N/A 30,000 30,000

 

Leave a Reply

avatar
  
smilegrinwinkmrgreenneutraltwistedarrowshockunamusedcooleviloopsrazzrollcryeeklolmadsadexclamationquestionideahmmbegwhewchucklesillyenvyshutmouth
  Subscribe  
Notify of