Precious metals advanced at the start of the new trading week on Monday, registering gains ranging from 0.4% for gold to 3.8% for platinum. While gold had the smallest percentage increase, it held the longest streak among the metals with four consecutive gains. Ending above $2,000 an ounce, it also marked a three-month settlement high.
Gold for December delivery rose by $7.10 to settle at $2,005.60 an ounce on the Comex division of the New York Mercantile Exchange. For a fourth consecutive session, it was gold’s best settlement since July 31.
"Gold and silver prices are higher in midday U.S. trading Monday, boosted by safe-haven demand amid the Israel-Hamas war and the potential for a wider Middle East conflict. Some notions the Federal Reserve may be done raising interest rates are also a bullish element for the metals markets,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures traded between $1,999.70 and $2,016.80. They edged 0.2% higher last week.
Rising for the first time in six sesions, silver for December jumped by 50.9 cents, or 2.2%, closing at $23.396 an ounce. Silver futures ranged from $23.13 to $23.75. They lost 2.6% last week.
In other precious metals prices on Monday:
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January platinum tacked on $34.10 to $939.90 an ounce, trading between $907 and $943.60.
- Palladium for December delivery climbed by $8.10, or 0.7%, to $1,138.30 an ounce, ranging from $1,127 to $1,168.
Last week, platinum edged up by 0.08%, while palladium registered a 1.7% increase.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales last changed on Monday, Oct. 23, with reported gains totaling 9,000 ounces in American Gold Eagles, 1,019,000 ounces in American Silver Eagles, and 4,500 ounces in American Gold Buffalos.
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Monday | Last Week | August | September | October | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 7,500 | 78,000 | 27,500 | 93,000 | 865,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 2,000 | 13,000 | 4,000 | 92,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 4,000 | 2,000 | 30,000 | 18,000 | 182,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 150,000 | 40,000 | 30,000 | 605,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 4,500 | 19,500 | 18,500 | 33,500 | 364,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 1,019,000 | 3,124,000 | 2,970,000 | 3,306,000 | 21,215,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 12,700 |
