Precious metals bounced back Thursday from prior-day losses, with gold and silver rising for the third time in four days and PGM’s marking their sixth set of gains in the last seven sessions.
Gold prices, supported by U.S. dollar weakness and on Fed pump talk, closed above $1,350 an ounce for the first time in five weeks. Gold for December delivery settled up $16.30, or 1.2%, to $1,350.30 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded from a low of $1,330.20 to a high of $1,352.30.
"With open interest in gold growing, it indicates new business is not just because of short covering, and that gold buyers may keep a steady course," Reuters quoted George Gero, vice president of RBC Capital Markets.
Gold has advanced $35.70 for the week through Thursday. Its latest settlement is the highest since Sept. 19.
Silver for December delivery gained 21 cents, or 0.9%, to finish at $22.82 an ounce. It ranged from $22.51 and $22.91. Its close is also the highest since Sept. 19. Silver prices are up 91 cents for the week so far.
In PGM futures on Thursday:
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January platinum rose $16.60, or 1.2%, to $1,456.20 an ounce, trading between $1,431.90 and $1,457.50.
- Palladium for December delivery edged up $1.70, or 0.2%, to $747.80 an ounce, ranging from $742.50 to $751.05.
London Fix Precious Metals
Earlier fixed London precious metals also made gains. In contrasting the Wednesday PM to Thursday PM London fixings:
- Gold added $13.50, or 1%, to $1,344.75 an ounce,
- Silver rose 14 cents, or 0.6%, to $22.67 an ounce,
- Platinum climbed $7, or 0.5%, to $1,447 an ounce, and
- Palladium inched up $1, or 0.1%, to $749 an ounce
U.S. Mint Bullion Sales in October
American Gold Eagles were alone in gains Thursday with the one-ounce size rising 1,000 ounces. And with that increase, U.S. Mint sales across the four available sizes advanced to 39,000 ounces for the month. That triples their 13,000 total from September.
The following daily, week-to-date, month-to-date and year-to-date bullion coin totals are aggregated from the United States Mint website.
| American Eagle and Buffalo Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Thursday Sales | Last Week | Week-To-Date Sales | October Sales | YTD Sales | |
| $50 American Gold Eagles | 1,000 | 12,000 | 10,000 | 32,000 | 637,000 |
| $25 American Gold Eagles | 0 | 0 | 2,000 | 3,000 | 56,000 |
| $10 American Gold Eagles | 0 | 0 | 8,000 | 10,000 | 114,000 |
| $5 American Gold Eagles | 0 | 10,000 | 10,000 | 30,000 | 495,000 |
| $50 American Buffalo Gold Bullion Coins | 0 | 6,500 | 2,500 | 15,000 | 215,000 |
| White Mountain 5 oz. Silver Bullion Coins | Sold Out | 35,000 | |||
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 1,200 | 26,200 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 2,200 | 27,200 |
| Fort McHenry 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 2,600 | 27,600 |
| American Silver Eagles | 0 | 800,000 | 653,500 | 2,340,500 | 38,428,500 |
