Gold prices ended higher in the mid-week trading session on Wednesday, reclaiming $1,200 an ounce for a second time this week after having not settled above the mark for more than a month.
Gold for February delivery turned up $9.30, or 0.8%, to $1,208.70 an ounce on the Comex division of the New York Mercantile Exchange. Prices have seesawed down and up since Friday.
"I suspect that December will see a lot of silly moves as the year-end approaches and people protect what P+L (profit and losses) they have, but I don’t see a sustained move one way or the other," MarketWatch quoted David Govett of Marex Spectron. "I think we range trade for a while and attempt to consolidate gold around the $1,200 level and silver above 16."
Gold prices ranged from a low of $1,193.50 to a high of $1,215. On Tuesday, they tumbled $18.70 or 1.5%. The yellow metal soared $42.60, or 3.6%, to start the week.
Silver for March delivery shed 4 cents, or 0.3%, to $16.41 an ounce. Prices ranged from $16.24 to $16.60. Silver declined 1.4% in the prior session.
Elsewhere in precious metals trading:
January platinum gained $10, or 0.8%, to $1,227.50 an ounce, trading between $1,213.10 and $1,233.80.
- Palladium for March delivery fell $6.20, or 0.8%, to $797.55 an ounce, ranging from $794.05 to $814.70.
London Fix Precious Metals
Earlier fixed London precious metals moved mostly higher for a second day in a row. In contrasting London bullion Fix prices from Tuesday PM to Wednesday PM:
- Gold added $9.75, or 0.8%, to $1,204.75 an ounce,
- Silver rose 14 cents, or 0.9%, to $16.30 an ounce,
- Platinum gained $3, or 0.2%, to $1,223 an ounce, and
- Palladium was unchanged for a second straight day at $804 an ounce
US Mint Bullion Coin Sales in December
United States Mint bullion sales were unchanged Wednesday. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week, last month, and the year to date. Coins with an asterisk (*) have sold out.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||Current Week / Month||November Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins*||0||0||0||0||16,700|
|$50 American Eagle Bullion Gold Coins||0||7,500||12,000||49,000||414,500|
|$25 American Eagle Bullion Gold Coins||0||3,000||0||8,000||46,000|
|$10 American Eagle Bullion Gold Coins||0||2,000||4,000||12,000||116,000|
|$5 American Eagle Bullion Gold Coins||0||10,000||15,000||40,000||545,000|
|$50 American Buffalo Bullion Gold Coins||0||1,500||500||12,500||173,500|
|$1 American Eagle Silver Bullion Coins||0||736,500||662,500||3,426,000||42,209,500|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins*||0||0||0||0||33,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||300||900||23,600|
|Arches National Park 5 Oz Silver Bullion Coins*||0||0||0||0||22,000|
|Great Sand Dunes 5 Oz Silver Bullion Coins||0||0||1,200||1,700||19,100|
|Everglades 5 Oz Silver Bullion Coins||0||0||7,000||27,000||34,000|