Gold advanced Thursday, snapping a five-session losing streak and rebounding from a nearly five-week low.
Gold for December delivery settled up $17.90, or 1.4%, to $1,286.30 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded from an intraday low of $1,277.30 to a high of $1,293.80.
Gold advanced, opined analysts, on comments from Fed chairman nominee Janet Yellen who signaled there was no rush to end the central bank’s stimulus. Additionally, the U.S. Labor Department said initial claims for unemployment benefits fell by 2,000 to 339,000 when a larger decline was expected.
"The initial claims are worse than expected, giving gold a boost," Phil Streible, a senior commodity broker at R.J. O’Brien & Associates, said in a telephone interview from Chicago, according to Bloomberg. "The dovish statements from Yellen are also very supportive."
Silver for December delivery added 28 cents, or 1.4%, to finish at $20.72 an ounce. Prices ranged from $20.57 to $20.89. On Wednesday, silver fell for the ninth time in ten sessions.
In PGM futures prices on Thursday:
-
January platinum added $12.10, or 0.8%, to $1,444.10 an ounce, ranging from $1,434.10 to $1,457.90.
- Palladium for December delivery added $4.35, or 0.6%, to $739.80 an ounce, trading between $732.95 and $741.80. Like gold, palladium gained for the first time in six sessions.
London Fix Precious Metals
London bullion fixings split with most higher. In contrasting Wednesday PM to Thursday PM London fix prices:
- Gold gained $13.50, or 1.1%, to $1,286 an ounce,
- Silver edged up 8 cents, or 0.4%, to $20.78 an ounce,
- Platinum added $13, or 0.9%, to $1,451 an ounce, and
- Palladium shed $2, or 0.3%, to $738 an ounce
US Mint Bullion Sales in November
Sales totals for U.S. Mint bullion coins were unchanged Thursday. Bullion sales for the week so far and the year-to-date are listed below.
| American Eagle and Buffalo Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Thursday Sales | Last Week | Week-To-Date Sales | November Sales | YTD Sales | |
| $50 American Gold Eagle Bullion Coins | 0 | 7,500 | 10,000 | 20,500 | 666,500 |
| $25 American Gold Eagle Bullion Coins | 0 | 0 | 1,000 | 1,000 | 57,000 |
| $10 American Gold Eagle Bullion Coins | 0 | 4,000 | 0 | 2,000 | 116,000 |
| $5 American Gold Eagle Bullion Coins | 0 | 5,000 | 10,000 | 15,000 | 515,000 |
| $50 American Buffalo Gold Bullion Coins | 0 | 1,000 | 5,000 | 6,000 | 224,000 |
| White Mountain 5 oz. Silver Bullion Coins | Sold Out | 35,000 | |||
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 0 | 600 | 600 | 26,800 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 0 | 600 | 600 | 27,800 |
| Fort McHenry 5 oz. Silver Bullion Coins | 0 | 1,000 | 400 | 1,400 | 29,600 |
| Mount Rushmore 5 oz. Silver Bullion Coins | 0 | 6,000 | 19,100 | 25,100 | 25,100 |
| American Silver Eagle Bullion Coins | 0 | 500,000 | 500,000 | 1,000,000 | 40,175,000 |
