Gold Ends At 2-Week High; Palladium Scores New Record

by CoinNews.net on October 24, 2019 · 0 comments

Gold Changed Slightly This Week

Gold futures gained 0.6% on Thursday, Oct. 24

Precious metals futures registered gains Thursday ranging from 0.3% for platinum to 1.9% for palladium. The latter notched a new record settlement. Gold’s gain was its second in a row after three straight session losses. The yellow metal ended just above a two-week high.

Gold for December delivery rose $9, or 0.6%, to settle at $1,504.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Oct. 9.

For gold, "the upside move is being amplified to a degree by market technicals, as futures broke above a key resistance level just above $1,500 and squeezed to a multi-week high,” MarketWatch quoted Tyler Richey, co-editor at Sevens Report Research.

"We are likely to see some digestion in gold prices in the near term but as long as there is elevated demand for safe havens — keeping a lid on yields, gold should be able to drift back up towards $1,520," he said.

Gold futures ranged from a low of $1,490.40 to a high of $1,505.90. They gained 0.6% on Wednesday, they dipped 0.04% on Tuesday and they declined 0.4% on Monday.

Silver for December delivery advanced 22.4 cents, or 1.3%, to settle at $17.804 an ounce. Silver futures traded between $17.48 and $17.86. They rose 0.5% on Wednesday, they slipped 0.6% on Tuesday and they added 0.1% on Monday.

In other precious metals futures prices Thursday:

  • January platinum gained $2.70 to $925.10 an ounce, ranging from $921 to $936.80.

  • Palladium for December delivery surged $33.30 to an all-time settlement high of $1,747.90 an ounce. Palladium traded between $1,713.20 and $1,757.90.

London Precious Metals Prices

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

  • Gold added $2.10, or 0.1%, to $1,496.55 an ounce.
  • Silver shed a half penny, or 0.03%, to $17.53 an ounce.

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

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)
Thursday / This Week Last Week September October 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 4,500 3,500 8,000 98,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 1,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 34,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 10,000 20,000 190,000
$50 American Buffalo 1 Oz Gold Coin 0 3,000 2,500 3,000 55,000
$1 American Eagle 1 Oz Silver Coin 0 408,500 1,021,000 943,500 14,233,500
San Antonio Missions 5 Oz Silver Coin 0 500 37,700 17,500 55,200
War in the Pacific 5 Oz Silver Coin 0 0 2,500 500 72,500
American Memorial Park 5 Oz Silver Coin* 0 0 0 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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