Gold and Silver Log More Than Two-Week Highs

by CoinNews.net on October 5, 2020 · 0 comments

Small Gold Bullion Bars

Gold futures rose 0.7% on Monday, Oct. 5

Precious metals rebounded Monday following losses on Friday. Gold and silver closed the day above two-week highs.

Gold for December delivery rose $12.50, or 0.7%, to settle at $1,920.10 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s highest since Sept. 18.

"Gold and silver prices are higher in midday U.S. trading Monday, supported in part by a lower U.S. dollar index to start the trading week. Gains in the safe-haven metals are somewhat limited by less risk aversion in the marketplace to start the trading week–despite the still very fluid situation of U.S. President Trump’s Covid-19 condition," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,891.20 to a high of $1,924.90. They advanced 2.2% last week.

Silver for December delivery tacked on 53.1 cents, or 2.2%, to end at $24.56. Like for gold, the finish was silver’s highest since Sept. 18. Silver futures traded between $23.80 and $24.68. They moved 4.1% ahead last week.

In other precious metals futures prices on Monday:

  • January platinum gained $13.60, or 1.5%, to $904.70 an ounce, ranging from $880.70 to $909.

  • Palladium for December delivery jumped $53.40, or 2.3%, to $2,378.40 an ounce, trading between $2,303.20 and $2,383.80.

Last week platinum surged 5.9% and palladium increased 4.6%.

London Precious Metals Prices (LBMA)

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold added $6.55, or 0.3%, to $1,909.60 an ounce.
  • Silver added a half cent, or 0.2, to $23.915 an ounce.

In LBMA results last week, prices climbed 2.3% for gold, 5.5% for silver, 5.9% for platinum and 4.9% 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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Monday Last Week August September October 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 13,500 104,000 18,500 13,500 571,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 10,000 3,000 1,000 59,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 20,000 4,000 2,000 90,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 70,000 10,000 5,000 295,000
$50 American Buffalo 1 Oz Gold Coin 0 6,500 28,000 4,500 6,500 195,000
$1 American Eagle 1 Oz Silver Coin 0 1,070,500 4,477,000 2,958,500 0 21,136,500
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 0 0 45,000
Tallgrass Prairie 5 oz Silver Coin* 0 0 N/A 45,000 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 56,500

 

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