Precious metals moved higher Monday. Silver marked the day with a more than two-week settlement high. Gold ended stronger, logging a ten-week high.
Gold for August delivery rose $13.40, or 0.8%, to settle at $1,766.40 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since April 14 when gold finished at $1,768.90 an ounce for a more than seven-year high.
"While gold is undoubtedly boosted by haven flows due to the economic damage caused by the pandemic as well as concerns over a second wave, there is little doubt that the metal is also finding good support from central-bank money flooding the financial markets," MarketWatch quoted Fawad Razaqzada, market analyst at ThinkMarkets.
Gold futures ranged from a low of $1,753.50 to a high of $1,776.70. They gained 0.9% last week.
Silver for July delivery added 5.5 cents, or 0.3%, to close at $17.902 an ounce. The settlement was the highest since June 4 when silver ended at $18.061 an ounce. Silver futures traded between $17.86 and $18.19. They surged 2.1% last week.
In other precious metals futures prices on Monday:
July platinum settled up $16.40, or 2%, to $843.70 an ounce, ranging from $823 and $857.50.
- Palladium for September delivery advanced $33.70, or 1.8%, to $1,942.10 an ounce, trading between $1,885.30 and $1,959.10.
In trading action last week, platinum rose 1% and palladium declined 1.6%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold gained $27.10, or 1.6%, to $1,761.85 an ounce.
- Silver added 33.5 cents, or 1.9%, to $17.86 an ounce.
In LBMA results last week, prices for gold climbed 0.07% while they fell 0.6% for silver, 0.2% for platinum, and 2.4% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Monday. 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||April||May||June||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||10,500||105,000||5,500||38,500||323,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||6,000||2,000||41,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||12,000||2,000||54,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||28,500||2,500||4,500||123,000|
|$1 American Eagle 1 Oz Silver Coin||0||457,000||750,000||490,000||907,000||12,125,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||1,500||0||0||56,500|
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.