Gold Returns To Above $1,500; Marks 1-Week High

by CoinNews.net on September 16, 2019 · 0 comments

999.9 Fine Gold Bullion

Gold futures finished at their best price since Sept. 6

In precious metals dealings Monday, gold and silver gained while platinum and palladium declined. Gold’s close was its highest in over a week.

Gold for December delivery tacked on $12, or 0.8%, to settle at $1,511.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the strongest since Friday, Sept. 6.

"The safe haven demand we are seeing today is real, especially with the escalation of the proxy war between Saudi Arabia and Iran," Jeff Wright, executive vice president of GoldMining Inc., told MarketWatch.

Gold futures ranged from a low of $1,506.30 to a high of $1,519.70. They fell 1.1% last week.

Silver for December delivery rallied 45.7 cents, or 2.6%, to settle at $18.026 an ounce. Silver futures traded between $17.69 and $18.07. They tumbled 3% last week.

In other precious metals futures on Monday:

  • October platinum lost $13, or 1.4%, to $939.20 an ounce, ranging from $928.40 to $962.20.

  • Palladium for December delivery declined $8.70, or 0.5%, to $1,592.20 an ounce, trading between $1,577.40 and $1,619.80. On Thursday, palladium logged a record settlement at $1,604.80.

Last week, platinum shed 0.7% and palladium soared 3.6%.

London Precious Metals Prices

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

  • Gold fell $5.90, or 0.4%, to $1,497.20 an ounce.
  • Silver dropped 31 cents, or 1.7%, to $17.835 an ounce.

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

In LBMA results last week, prices surged 3.8% for palladium, rose 1% for platinum, declined 1.4% for gold, and were unchanged for silver.

US Mint 2019 Bullion Sales

United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Last Week August September 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 1,000 5,500 2,500 89,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 1,000 24,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 2,000 30,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 5,000 165,000
$50 American Buffalo 1 Oz Gold Coin 0 0 1,500 500 50,000
$1 American Eagle 1 Oz Silver Coin 0 675,000 1,007,000 686,000 12,955,000
War in the Pacific 5 Oz Silver Coin 0 2,500 12,500 2,500 72,000
American Memorial Park 5 Oz Silver Coin* 0 0 2,000 0 80,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

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