Precious metals posted gains Monday ranging from 0.6% for gold to 6.3% for silver. The latter finished near a seven-and-a-half-year high.
Gold for December delivery rose $11.70 to settle at $2,039.70 an ounce on the Comex division of the New York Mercantile Exchange.
"The governments around the world are not going to stop printing money to fight COVID in the short term and gold will benefit from that. Gold’s next target is $2,090 per ounce," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.
Gold futures ranged from a low of $2,028.70 to a high of $2,060.80. They moved up 2.1% last week, for their ninth straight weekly win. On Thursday, they ended at a record settlement of $2,069.40 an ounce.
Silver for September delivery rallied $1.72 to finish at $29.261 an ounce. The settlement was the highest since Feb. 19, 2013, when silver ended at $29.422 an ounce. Silver futures traded between $27.96 and $29.53. They jumped 13.7% last week.
In other precious metals futures prices on Monday.
October platinum added $32.30, or 3.3%, to $1,002.70 an ounce, ranging from $977.30 to $1,026.90.
- Palladium for September delivery advanced $93.80, or 4.3%, to $2,270.40 an ounce, trading between $2,194.50 and $2,350.30.
Last week’s PGM actions saw platinum soar 5.6% and palladium rise 1.5%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold added $13.35, or 0.7%, to $2,044.50 an ounce.
- Silver declined 6 cents, or 0.2%, to $28.27 an ounce.
In LBMA results last week, prices increased 3.4% for gold, 17.7% for silver, 0.1% for platinum, and 3% for palladium.
US Mint Bullion Sales in 2020
U.S. Mint bullion sales increase on Monday by a combined 42,000 ounces in gold coins and 675,000 ounces in silver coins. 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)|
|Monday||Last Week||June||July||August||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||32,000||28,500||42,500||107,500||60,500||495,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||2,000||4,000||0||45,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||10,000||0||64,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||35,000||0||210,000|
|$50 American Buffalo 1 Oz Gold Coin||10,000||6,500||7,500||30,000||16,500||172,500|
|$1 American Eagle 1 Oz Silver Coin||675,000||918,000||1,398,000||1,084,500||1,593,000||15,294,000|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||45,000|
|Marsh Billings 5 oz Silver Coin*||0||0||0||45,000||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||56,500|