Gold futures rose slightly to start the new trading week on Monday, ending higher for the first time in March after plunging 4% last week and closing at their lowest level of the year.
Gold for April delivery gained $2.20, or 0.2%, to settle at $1,166.50 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices ended the U.S. day session slightly higher Monday, on a weak short-covering rebound and technical correction following Friday’s big losses that saw the market drop to a 13-week low," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A stable U.S. dollar index on this day also encouraged a bit of bargain hunting in the gold and silver markets."
Gold traded from a low of $1,666 to a high of $1,174.40. Gold prices on Friday finished at their lowest point since Nov. 13.
Silver for May delivery shed 3 cents, or 0.2%, to settle at $15.78 an ounce. Prices ranged from $15.71 to 15.96. The precious metal has ended flat or lower for seven straight sessions and plunged last week by 4.5%.
In PGM futures on Monday:
-
April platinum declined $10.20, or 0.9%, to end at $1,148.60 an ounce, trading between $1,147.50 and $1,162.90.
- Palladium added $4.80, or 0.6%, to settle at $822.95 an ounce, ranging from $818 to $829.05.
Last week, platinum fell 2.3% and palladium dipped 0.2%.
London Fix Precious Metals
Earlier fixed London precious metals were lower to unchanged Friday. In comparing London bullion Fix prices from Friday PM to Monday PM:
- Gold fell $7.25, or 0.6%, to $1,168.50 an ounce,
- Silver declined 7 cents, or 0.4%, to $15.92 an ounce,
- Platinum lost $14, or 1.2%, to $1,152 an ounce, and
- Palladium was unchanged at $823 an ounce.
Last week, palladium advanced 1.9% but other London bullion prices declined — 3.2% for gold, 3.3% for silver and 0.9% for platinum.
US Mint Bullion Coin Sales in March
United States Mint bullion sales kicked off the week with gains of 7,500 ounces in gold coins and 518,500 ounces in silver coins. The one-day gold coin tally is just 500 ounces away from matching last week’s total.
In silver sales, the U.S. Mint’s 5-ounce Homestead silver coin advanced 7,200 to 27,200. The three-inch silver coin had been off-sale for about 1 1/2 weeks with the Mint’s supply temporarily depleted.
Below are U.S. Mint bullion products with columns listing the number of bullion coins sold during varying time periods.
| US Mint Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Monday Sales | Last Week | February Sales | March Sales | YTD Sales | |
| $50 American Eagle 1 Oz Gold Coins | 6,000 | 2,500 | 12,500 | 8,500 | 72,500 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 3,000 | 2,000 | 3,000 | 23,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 2,000 | 0 | 2,000 | 38,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 20,000 | 50,000 | 20,000 | 185,000 |
| $50 American Buffalo 1 Oz Gold Coins | 1,500 | 1,500 | 12,000 | 3,000 | 49,500 |
| $1 American Eagle 1 Oz Silver Coins | 482,500 | 587,000 | 3,022,000 | 1,069,500 | 9,621,500 |
| 2015 Homestead 5 Oz Silver Coins | 7,200 | 0 | 20,000 | 7,200 | 27,200 |
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