Gold Posts New, More Than 7-Year High

by CoinNews.net on April 13, 2020 · 0 comments

Gold Bullion, five bars

Gold futures on Monday, April 13, registered their best close since Oct. 11, 2012

In futures dealings Monday following holiday-shortened trading last week, silver declined while gold, platinum and palladium gained. Gold scored a fresh, more than seven-year high.

Gold for June delivery rose $8.60, or 0.5%, to settle at $1,761.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest for gold since it ended at $1,770.60 an ounce on Oct. 11, 2012.

"COVID-19’s deflationary effect has been a headwind for gold. But this trend should reverse in 2H20 as policy responses by governments and central banks gather traction," UBS analysts said in a note reported by Reuters.

"Led by Fed easing, we now expect real U.S. interest rates to dip deeper into negative territory and perhaps even test the post-GFC (global financial crisis) lows," UBS said.

Gold futures ranged from a low of $1,724.20 to a high of $1,769.50. They rallied 6.5% last week.

Silver for May delivery fell 51.6 cents, or 3.2%, to settle at $15.537 an ounce. Silver futures traded between $15.38 and $15.98. They soared 10.8% last week, ending Thursday at their highest point since March 6.

In other precious metals prices on Monday:

  • July platinum edged up $1.20, or 0.2%, to $749.80 an ounce, ranging from $741.60 to $756.30.

  • Palladium for June delivery advanced $60.70, or 2.9%, to $2,170.70 an ounce, trading between $2,045.70 and $2,220.

Last week, platinum gained 4.3% and palladium rose 0.2%.

London Precious Metals Prices (LBMA)

London markets shut down for Good Friday and Easter Monday holiday. The most recent price changes from Wednesday PM to Thursday PM had:

  • Gold rising $32.85, or 2%, to $1,680.65 an ounce.
  • Silver gaining 11 cents, or 0.7%, to $15.175 an ounce.
  • Platinum falling $6, or 0.8%, to $735 an ounce.
  • Palladium dropping $14, or 0.6%, to $2,166 an ounce.

In LBMA results for last week, metal prices gained — 4.2% for gold, 5.5% for silver, 2.9% for platinum, and 1.2% for palladium.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased on Monday by 9,000 ounces in American Gold Eagles. 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)
Monday Last Week January February March April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 9,000 12,000 38,000 3,500 133,000 54,500 229,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 23,000 2,000 8,000 0 33,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 18,000 2,000 20,000 0 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 60,000 20,000 95,000 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 0 21,000 1,000 47,500 0 69,500
$1 American Eagle 1 Oz Silver Coin 0 350,000 3,846,000 650,000 5,482,500 350,000 10,328,500
$1 American Eagle 1 Oz Platinum Coin 0 0 14,500 9,300 31,200 0 55,000

 

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