Gold and silver futures rebounded Monday, posting their first gains in three sessions, as the U.S. dollar retreated.
Gold for April delivery advanced $10.70, or 0.8%, to settle at $1,326.40 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices were ending the U.S. day session with solid gains Monday. The precious metals were supported by a weaker U.S. dollar index and a rebound in crude oil prices," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Some short covering in the futures market and bargain hunting in the cash market were featured in both metals, following last week’s selling pressure."
Gold futures ranged from a low of $1,316.30 to a high of $1,330. They lost 1.6% last week.
Silver for March delivery surged 43.1 cents, or 2.7%, to settle at $16.57 an ounce. Silver futures traded between $16.28 and $16.58. They sank 3.4% last week, ending Friday at their lowest price since Dec. 15.
In other precious metals futures prices:
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April platinum tacked on $11.30, or 1.2%, to $972.80 an ounce, ranging from $962.70 to $976.
- Palladium for March delivery settled up $12.80, or 1.3%, to $976.15 an ounce, trading between $971.50 and $985.35.
Last week, platinum lost 3.8% and palladium dived 7.8%.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold rose $8.20, or 0.6%, to $1,322.30 an ounce.
- Silver gained 7 cents, or 0.4%, to $16.425 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, LBMA metal prices logged declines of 1.3% for gold, 4.6% for silver, 2.8% for platinum and 7.4% for palladium.
US Mint Bullion Sales in 2018
United States Mint bullion sales registered gains to start the week that reached:
- 15,000 ounces in American Platinum Eagles,
- 1,500 ounces American Gold Eagles,
- 500 ounces in American Gold Buffalos, and
- 185,000 ounces in American Silver Eagles.
Monday marked the first day of sales for the 2018-dated bullion American Platinum Eagle. The U.S. Mint has not said how many of the 1-ounce .9995 platinum coins will be available this year. Sales ended at 20,000 coins in both years 2017 and 2016.
Last year’s bullion Platinum Eagle scored first-day sales of 13,300 coins. The remaining 6,700 coins sold by the third day.
Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Monday | Last Week | December | January | February | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 15,000 | N/A | N/A | N/A | 15,000 | 15,000 |
| $50 American Eagle 1 Oz Gold Coin | 1,500 | 500 | 38,000 | 36,000 | 3,000 | 39,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 3,000 | 16,000 | 0 | 16,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 4,000 | 26,000 | 0 | 26,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 25,000 | 80,000 | 0 | 80,000 |
| $50 American Buffalo 1 Oz Gold Coin | 500 | 500 | 14,000 | 24,000 | 2,000 | 26,000 |
| $1 American Eagle 1 Oz Silver Coin | 185,000 | 225,000 | 742,000 | 3,235,000 | 410,000 | 3,645,000 |
