Precious metals started the new week with advances ranging from less than 0.1% for gold to 3.5% for platinum. Gains in gold, silver and platinum were their third in row.
Gold for December delivery rose $1.60, or 0.08%, to settle at $1,887.80 an ounce on the Comex division of the New York Mercantile Exchange.
"After losing modest overnight gains on news that another drug firm had a very good outcome on a Covid-19 vaccine trial, traders stepped in to buy the dip in the yellow metal and push prices back above unchanged," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.
Gold futures ranged from a low of $1,861.50 to a high of $1,898. They lost 3.4% last week.
Silver for December delivery added 2.7 cents, or 0.1%, to settle at $24.802. Silver futures traded between $24.25 and $25.16. They dropped 3.5% last week.
In other precious metals futures prices on Monday:
January platinum gained $31.50 to $927.50 an ounce, ranging from $890 to $931.70.
- Palladium for December delivery finished up $15.40, or 0.7%, to $2,345.10 an ounce, trading between $2,305.30 and $2,363.90.
Last week platinum slipped 0.4% and palladium dropped 6.8%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold declined $5.30, or 0.3%, to $1,885.60 an ounce.
- Silver added 2 cents, or 0.08%, to $24.265 an ounce.
In LBMA results last week, prices fell 2.6% for gold, 6% for silver, 1.5% for platinum and 4.8% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased Monday by 4,000 ounces in American Gold Buffalos and a combined 15,500 ounces in American Gold Eagles.
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||September||October||November||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||14,500||7,000||18,500||64,500||43,500||665,500|
|$25 American Eagle 1/2 Oz Gold Coin||1,000||1,000||3,000||6,000||3,000||67,000|
|$10 American Eagle 1/4 Oz Gold Coin||2,000||4,000||4,000||8,000||10,000||106,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||10,000||10,000||25,000||25,000||340,000|
|$50 American Buffalo 1 Oz Gold Coin||4,000||1,500||4,500||19,500||13,000||221,000|
|$1 American Eagle 1 Oz Silver Coin||0||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||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||45,000||0||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||56,500|