Gold retreated to below $1,600 an ounce as investors booked profits and preferred riskier bets Wednesday.
After rising for two straight days, gold futures for April delivery declined $19.80, or 1.2%, to $1,595.70 an ounce on the Comex in New York. The precious metal traded from an intraday low of $1,592.60 to a high of $1,614.40.
"An increase in investor risk appetite saw solid rallies in the U.S. stock indexes Wednesday, which worked to pull way safe-haven demand for gold that surfaced Tuesday," noted Jim Wyckoff in the PM Kitco Metals Roundup.
Gold surged $28.90, or 1.8%, on Tuesday as testimony from Fed Chairman Ben Bernanke stimulated buying. It was gold’s biggest one-day gain in 2013.
Silver for May delivery — the new, most active contract — shed 33.5 cents, or 1.1%, to $28.985 an ounce. The white metal traded between $28.865 and $29.440.
PGM’s were mixed Wednesday.
April platinum declined $16.40, or 1.0%, to $1,600.10 an ounce, ranging from $1,592.00 to $1,625.80.
- Palladium was the outlier in the group. Palladium for June delivery — the new, most active contract — gained $3.75, or 0.5%, to $745.65 an ounce. The precious metal traded between $737.20 and $752.55.
London Precious Metals
Precious metals in London advanced. In contrasting the Tuesday PM to Wednesday PM London Fix prices:
- Gold gained $13.75, or 0.9%, to $1,604.25 an ounce,
- Silver rose 32.0 cents, or 1.1%, to $29.07 an ounce,
- Platinum added $4.00, or 0.2%, to $1,609.00 an ounce, and
- Palladium edged up $1.00, or 0.1%, to $741.00 an ounce
US Bullion Coin Sales in February
U.S. Mint bullion sales were limited Wednesday to American Eagle gold coins. The one-ounce, 22-karat gold pieces climbed by 2,500 ounces. Sales for each U.S. Mint bullion coin follow.
|American Eagle and Buffalo Bullion Coin Sales|
|Wednesday Sales||Last Week||Week-To-Date Sales||Feb Sales||YTD Sales|
|$50 American Eagle Bullion Gold Coins||2,500||14,000||16,000||68,000||192,500|
|$25 American Eagle Bullion Gold Coins||0||2,000||1,000||5,000||22,000|
|$10 American Eagle Bullion Gold Coins||0||6,000||2,000||12,000||36,000|
|$5 American Eagle Bullion Gold Coins||0||35,000||5,000||70,000||180,000|
|$50 American Buffalo Bullion Gold Coins||0||6,000||2,500||11,500||84,000|
|American Silver Eagle Coins||0||903,000||822,000||3,368,500||10,866,500|
|America the Beautiful 5 Oz. Silver Bullion Coin Sales|
|Wednesday Sales||Last Week||Week-To-Date||Feb Sales||All-Time Sales|
|2012 El Yunque National Forest 5 oz. Silver Bullion Coins||0||1,600||0||2,100||24,000|
|2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins||0||1,200||2,000||3,800||23,800|
|2012 Acadia National Park 5 oz. Silver Bullion Coins||0||0||0||0||25,400|
|2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins||0||0||0||0||20,000|
|2012 Denali National Park 5 oz. Silver Bullion Coins||0||0||0||0||20,000|
|2011 Olympic National Park 5 oz. Silver Bullion Coins||0||0||0||0||104,900|
|2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins||0||0||0||2,200||45,700|
|2011 Chickasaw Park 5 oz. Silver Bullion Coins||0||3,800||500||4,240||39,900|
All bullion figures above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.