Gold and silver futures dipped slightly in their start to the new trading week on Monday. The losses were their first in seven sessions.
Gold for August delivery edged down 60 cents, or 0.05%, to settle at $1,254.30 an ounce on the Comex division of the New York Mercantile Exchange.
"We now expect only one further rate hike this year, in December. This provides a more positive backdrop for the price of gold, which has recently resumed its inverse relationship with the U.S. dollar," said Capital Economics in a third-quarter note, according to Reuters.
Gold futures ranged from a low of $1,252 to a high of $1,259. They climbed 2.2% last week, ending Friday at their highest level since June 23.
Silver for September delivery shed 1.4 cents, or about 0.1%, to end at $16.443 an ounce. Silver futures traded between $16.41 and $16.58. They surged 3.3% last week, closing at their best price since June 30.
In other precious metals prices on Monday:
-
October platinum declined $5.10, or 0.5%, to $932.30 an ounce, ranging from $930.30 to $943.60.
- Ending higher for the first time in five sessions, palladium for September gained $4.70, or 0.6%, to $849.05 an ounce. Palladium prices traded between $837.85 and $851.40.
The two metals split last week. Platinum gained 1.5% while palladium moved exactly opposite with a loss of 1.5%.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold rose $7, or 0.6%, to 1,255.55 an ounce.
- Silver added 7 cents, or 0.4%, to $16.50 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, palladium declined 0.9% while the other London bullion prices registered increases of 1.5% for gold, 4.6% for silver and 2.1% for platinum.
US Mint Bullion Sales in 2017
United States Mint bullion sales grew by 1,000 ounces in gold coins and 205,000 ounces in silver coins.
Below is a sales breakdown of U.S. 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 | June | July | YTD | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 20,000 |
| $50 American Eagle 1 Oz Gold Coin | 500 | 5,000 | 4,000 | 12,500 | 153,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 0 | 27,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 4,000 | 52,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 20,000 | 30,000 | 290,000 |
| $50 American Buffalo 1 Oz Gold Coin | 500 | 500 | 2,000 | 3,500 | 69,500 |
| $1 American Eagle 1 Oz Silver Coin | 205,000 | 725,000 | 986,000 | 2,220,000 | 14,453,500 |
| 2017 Effigy Mounds 5 Oz Silver Coin | 0 | 0 | 8,800 | 0 | 35,000 |
| 2017 Frederick Douglass 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 20,000 |
| 2017 Ozark Riverways 5 Oz Silver Coin | 0 | 0 | 20,000 | 0 | 20,000 |
