Precious metals surged in their start to the new trading week on Monday. Their gains ranged from 0.9% for platinum to 6.1% for silver.
Gold for December delivery bounced $48.90, or 2.5%, to settle at $1,998.70 an ounce on the Comex division of the New York Mercantile Exchange.
"We will have a new bullish signal with a clear surpass of $1,965, in a scenario that remains dominated by coronavirus news and fears of further lockdowns," MarketWatch quoted Carlo Alberto De Casa, chief analyst at ActivTrades in a note. "Expectations for further actions by central banks remain ever present and this is another supportive element for gold. A fresh decline below the support zone of $1,920-$1,930 would denote weakness."
Gold futures ranged from a low of $1,939.10 to a high of $2,000.80. They sank 3.9% last week, for their first weekly loss in ten weeks. As recently as a week ago Thursday, Aug. 6, gold posted a record settlement of $2,069.40 an ounce.
Silver for September delivery jumped $1.58 to close at $27.667 an ounce. Silver futures traded between $25.91 and $27.71. They tumbled 5.3% last week, also for their first weekly decline in ten weeks. Last Monday, silver closed at $29.261 an ounce for its best settlement since Feb. 19, 2013.
In other precious metals futures prices on Monday.
October platinum added $8.50 to $967.60 an ounce, ranging from $953.70 to $975.30.
- Palladium for September delivery tacked on $90, or 4.2%, to $2,233.80 an ounce, trading between $2,144.40 and $2,233.
Last week platinum fell 1.2% and palladium lost 1.5%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold climbed $28.10, or 1.4%, to $1,972.85 an ounce.
- Silver rose 21 cents, or 0.8%, to $26.915 an ounce.
In LBMA results last week, gold declined 4.3%, silver dropped 5.7%, platinum added 5.1% and palladium gained 0.9%.
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. 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||0||41,000||42,500||107,500||69,500||504,500|
|$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||0||12,000||7,500||30,000||18,500||174,500|
|$1 American Eagle 1 Oz Silver Coin||0||675,000||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|