Gold futures closed higher for the third time in four sessions Thursday, extending gains that began in after-hours trading Wednesday with the release of the July FOMC minutes.
Gold for December delivery tacked on $8.40, or 0.6%, to settle at $1,357.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Aug. 4.
The FOMC minutes showed mixed opinions over the pace of raising interest rates, boosting gold’s appeal.
"Most market participants are now expecting a December rate hike at the earliest. That means that people are on the side of buying gold," Reuters quoted Yuichi Ikemizu, head of commodity trading at Standard Bank in Tokyo. "Nobody would be willing to sell gold aggressively even if there is a hike in rates, with the U.S. presidential elections in November creating uncertainty."
Gold futures ranged from a low of $1,351.20 to a high of $1,361.50. They are 1% higher so far this week.
Elsewhere, silver for September delivery rose 9.2 cents, or 0.5%, to close at $19.74 an ounce. Silver futures traded between $19.62 and $19.94. They are up a modest 0.2% since Friday.
In other precious metals trading:
-
October platinum advanced $18.50, or 1.7%, to $1,133.20 an ounce, ranging from $1,122 to $1,138.
- Palladium for September delivery surged $21.70, or 3.1%, to $713.40 an ounce, trading between $695.45 and $718.85.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold added $6.70, or 0.5%, to $1,350.05 an ounce.
- Silver gained 21 cents, or 1.1%, to $19.78 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in 2016
United States Mint bullion sales were unchanged as of 2:47 p.m. ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Thursday Sales | Last Week | This Week | July Sales | Aug Sales | 2016 Sales | |
| $100 American Eagle 1 Oz Platinum Coins | 0 | 0 | 0 | 19,000 | 0 | 19,000 |
| $50 American Eagle 1 Oz Gold Coins | 0 | 21,500 | 0 | 30,000 | 26,500 | 462,500 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 1,000 | 0 | 2,000 | 1,000 | 49,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 0 | 0 | 10,000 | 0 | 96,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 25,000 | 0 | 50,000 | 30,000 | 585,000 |
| $50 American Buffalo 1 Oz Gold Coins | 0 | 3,500 | 0 | 10,000 | 3,500 | 126,000 |
| $1 American Eagle 1 Oz Silver Coins | 0 | 250,000 | 55,000 | 1,370,000 | 380,000 | 28,000,500 |
| 2016 Shawnee 5 Oz Silver Coins* | 0 | 0 | 0 | 0 | 0 | 105,000 |
| 2016 Cumberland Gap 5 Oz Silver Coins* | 0 | 0 | 0 | 0 | 0 | 75,000 |
| 2016 Harpers Ferry 5 Oz Silver Coins | 0 | 0 | 200 | 0 | 200 | 34,400 |
Palladium sure has had a very volatile ride upwards this month, just as the US Mint is purchasing the metal on the open market for its new 2017 $25 1-ounce .9995 fine Palladium American Eagle bullion coin with Weinman’s obverse “Mercury” dime design & his AIA gold medal eagle design on the reverse. It should be a popular new bullion coin for the US Mint & the first time it has struck a coin in palladium, which is more affordable than gold or platinum.
-NumisDudeTX