Precious metals futures advanced in their start to the new trading week Monday. Gold ended higher for the first time in three sessions, rebounding from a near three-month low.
Gold for December delivery gained $7.60, or 0.6%, to settle at $1,317.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Short covering in the futures markets and perceived bargain hunting in the cash markets were featured, after recent selling pressure," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The key ‘outside markets’ were also in a daily bullish posture for the precious metals Monday, as the U.S. dollar index was lower and crude oil prices were higher."
Gold futures ranged from a low of $1,312.60 to a high of $1,321.80. They dropped 1.8% last week, ending Friday at their weakest point since June 23.
Meanwhile, silver for December delivery surged 42.8 cents, or 2.3%, to end at $19.29 an ounce. Silver futures traded between $18.84 and $19.38. They sank 2.6% last week, closing at their lowest level since Aug. 31.
In other precious metals futures:
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October platinum rose $6.10, or 0.6%, to $1,023.70 an ounce, trading between $1,018.80 and $1,032.70.
- Palladium for December delivery advanced $13.85, or 2.1%, to $686.25 an ounce, ranging from $671.25 and $695.
Last week, platinum fell 4.7% and palladium lost 1%.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Friday PM to Monday PM:
- Gold added $6.50, or 0.5%, to $1,314.85 an ounce.
- Silver rose 21 cents, or 1.1%, to $19.12 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, London bullion prices registered losses totaling 1.7% for gold, 2.6% for silver, 5.4% for platinum and 3.2% for palladium.
US Mint Bullion Coin Sales in 2016
U.S. Mint bullion sales were unchanged Monday as of 4:20 p.m. Eastern Time. 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) | |||||
|---|---|---|---|---|---|
| Monday Sales | Last Week | Aug Sales | Sept Sales | 2016 Sales | |
| $100 American Eagle 1 Oz Platinum Coins* | 0 | 0 | 1,000 | 0 | 20,000 |
| $50 American Eagle 1 Oz Gold Coins | 0 | 18,500 | 50,000 | 38,000 | 524,000 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 2,000 | 3,000 | 4,000 | 55,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 4,000 | 4,000 | 10,000 | 110,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 15,000 | 60,000 | 50,000 | 665,000 |
| $50 American Buffalo 1 Oz Gold Coins | 0 | 3,000 | 9,000 | 7,500 | 139,000 |
| $1 American Eagle 1 Oz Silver Coins | 0 | 740,000 | 1,280,000 | 1,050,000 | 29,950,500 |
| 2016 Shawnee 5 Oz Silver Coins* | 0 | 0 | 0 | 0 | 105,000 |
| 2016 Cumberland Gap 5 Oz Silver Coins* | 0 | 0 | 0 | 0 | 75,000 |
| 2016 Harpers Ferry 5 Oz Silver Coins | 0 | 0 | 1,900 | 0 | 36,100 |
| 2016 Theodore Roosevelt 5 Oz Silver Coins | 0 | 1,000 | 27,500 | 2,500 | 30,000 |
