Precious metals moved higher Monday. Silver marked the day with a more than two-week settlement high. Gold ended stronger, logging a ten-week high.
Gold for August delivery rose $13.40, or 0.8%, to settle at $1,766.40 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since April 14 when gold finished at $1,768.90 an ounce for a more than seven-year high.
"While gold is undoubtedly boosted by haven flows due to the economic damage caused by the pandemic as well as concerns over a second wave, there is little doubt that the metal is also finding good support from central-bank money flooding the financial markets," MarketWatch quoted Fawad Razaqzada, market analyst at ThinkMarkets.
Gold futures ranged from a low of $1,753.50 to a high of $1,776.70. They gained 0.9% last week.
Silver for July delivery added 5.5 cents, or 0.3%, to close at $17.902 an ounce. The settlement was the highest since June 4 when silver ended at $18.061 an ounce. Silver futures traded between $17.86 and $18.19. They surged 2.1% last week.
In other precious metals futures prices on Monday:
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July platinum settled up $16.40, or 2%, to $843.70 an ounce, ranging from $823 and $857.50.
- Palladium for September delivery advanced $33.70, or 1.8%, to $1,942.10 an ounce, trading between $1,885.30 and $1,959.10.
In trading action last week, platinum rose 1% and palladium declined 1.6%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold gained $27.10, or 1.6%, to $1,761.85 an ounce.
- Silver added 33.5 cents, or 1.9%, to $17.86 an ounce.
In LBMA results last week, prices for gold climbed 0.07% while they fell 0.6% for silver, 0.2% for platinum, and 2.4% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Monday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Monday | Last Week | April | May | June | 2020 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 10,500 | 105,000 | 5,500 | 38,500 | 323,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 0 | 6,000 | 2,000 | 41,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 0 | 12,000 | 2,000 | 54,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 0 | 0 | 175,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 500 | 28,500 | 2,500 | 4,500 | 123,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 457,000 | 750,000 | 490,000 | 907,000 | 12,125,500 |
| $1 American Eagle 1 Oz Platinum Coin | 0 | 0 | 1,500 | 0 | 0 | 56,500 |
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.
