In kicking off the new trading week Monday, silver declined while gold, platinum and palladium gained. Gold finished less than $1 away from a more than seven-year high.
Gold for August delivery edged up 90 cents, or 0.05%, to settle at $1,781.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since last Tuesday, June 23.
"There is still some safe-haven demand underpinning the yellow metal amid heightened concerns about the Covid-19 pandemic and a second wave hitting global economies," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "There is also some profit taking seen by the shorter-term futures traders to start the trading week"
Gold futures ranged from a low of $1,776.50 to a high of $1,790.40. They tacked on 1.6% last week. Last Tuesday, they ended at $1,782 an ounce for their highest settlement since Oct. 4, 2012.
Silver for September delivery — the new, most-active contract — declined 10.4 cents, or 0.6%, to finish at $18.064 an ounce. Silver futures traded between $17.93 and $18.29. Last week, the most-active July contract rose 1.1%.
In other precious metals futures prices on Monday:
October platinum rose $8.90, or 1.1%, to $828.20 an ounce, ranging from $815.40 to $831.90.
- Palladium for September delivery advanced $38.70, or 2% to $1,933.10 an ounce, trading between $1,874.90 and $1,937.
In trading action last week, platinum fell 2.1% and palladium declined 0.7%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold added $24, or 1.4%, to $1,771.60 an ounce.
- Silver rose 7.5 cents, or 0.4%, to $17.905 an ounce.
In LBMA results last week, gold added 0.7%, silver gained 1.7%, platinum fell 2.6% and palladium declined 2.2%.
US Mint Bullion Sales in 2020
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.
|US Mint Bullion Sales (# of coins)|
|Monday||Last Week||April||May||June||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||105,000||5,500||40,500||325,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||6,000||2,000||41,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||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||0||28,500||2,500||4,500||123,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||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.