Gold Edges Up 0.2%, Ending At More Than Two-Week High

by CoinNews.net on May 30, 2018 · 0 comments

Gold Bullion and US Money

Precious metals rose Wednesday, May 30

Precious metals futures advanced Wednesday, led by silver with its 1% increase. Gold trailed them all, rising just 0.2%, but it finished at a more than two-week high.

Gold for August delivery — the new, most active contract — rose $2.40 to settle at $1,306.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since May 14.

"A sharp drop in the U.S. dollar index today was a bit supportive for the precious metals markets. However, the USDX hit a 10.5-month high on Tuesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Several fundamental factors are in play in the marketplace at mid-week, but few seem to be having much impact on the precious metals at this point."

Gold futures ranged from a low of $1,300 to a high of $1,308.80. They slipped 0.4% in the start to the new trading week on Tuesday.

Silver for July delivery gained 17.1 cents to settle at $16.544 an ounce. Silver futures traded between $16.32 and $16.58. They fell 1.1% on Tuesday.

In PGM futures on Wednesday:

  • July platinum added $2.60, or 0.3%, to $908.50 an ounce, ranging from $903.50 to $911.90.

  • Palladium for September delivery added $4, or 0.4%, to $975 an ounce, trading between $966.30 and $977.70.

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 advances for the first time this week. They were limited to one coin, however, with the 1-ounce American Gold Eagle rising by 6,000.

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)
Wednesday / This Week Last Week April May 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 10,000 30,000
$50 American Eagle 1 Oz Gold Coin 6,000 8,000 4,000 18,500 66,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 6,000 0 18,000 44,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 10,000 110,000
$50 American Buffalo 1 Oz Gold Coin 0 6,500 2,000 16,500 47,000
$1 American Eagle 1 Oz Silver Coin 0 230,000 915,000 380,000 6,387,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 30,000 0 30,000

 

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