Gold, Platinum and Palladium Rise Monday, June 29

by CoinNews.net on June 29, 2020 · 0 comments

One gold bullion bar and graph

Gold futures rose less than 0.1% on Monday, June 29

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.

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