Gold Rebounds from 16-Week Low

by CoinNews.net on November 10, 2020 · 0 comments

9999 Gold Bullion

Gold climbed 1.2% higher on Tuesday, Nov. 10

Gold, silver and platinum recovered some of their losses on Monday while palladium finished lower for a second day in a row.

Gold for December delivery rose $22, or 1.2%, to settle at $1,876.40 an ounce on the Comex division of the New York Mercantile Exchange.

"News from Pfizer that it has developed a very promising Covid-19 vaccine spiked up risk appetite in the marketplace. Stock markets soared on the news, including U.S. indexes hitting record highs. The metals markets were also hit by a solid rally in the U.S. dollar index today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,858.90 to a high of $1,888.90. They dropped 6% on Monday, registering their lowest settlement since July 21.

Meanwhile, silver for December delivery surged 76.1 cents, or 3.2%, to settle at $24.462. Silver futures traded between $23.95 and $24.58. They tumbled 7.6% on Monday, posting their weakest close since Oct. 30.

In other precious metals futures Tuesday

  • January platinum advanced $25.30, or 2.9%, to $892.70 an ounce, ranging from $866 to $895.

  • Palladium for December delivery fell $27.80, or 1.1%, to $2,471.40 an ounce, trading between $2,457 and $2,504.10.

London Precious Metals Prices (LBMA)

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

  • Gold rose $11.40, or 0.6%, to $1,878.70 an ounce.
  • Silver declined 61 cents, or 3.6%, to $25.195 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Tuesday. 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)
Tuesday Last Week This Week September October November 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 22,000 7,000 18,500 64,500 29,000 651,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 3,000 6,000 2,000 66,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 4,000 4,000 8,000 8,000 104,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 10,000 10,000 25,000 25,000 340,000
$50 American Buffalo 1 Oz Gold Coin 0 7,500 1,500 4,500 19,500 9,000 217,000
$1 American Eagle 1 Oz Silver Coin 0 1,653,000 1,048,500 2,958,500 3,397,000 2,701,500 27,235,000
America Samoa 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0 0 45,000
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 45,000 0 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 56,500

 

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