Gold Hits 3-Week High; Win Streak to Six Sessions

by CoinNews.net on March 25, 2015 · 0 comments

Layers of Gold Bullion

Precious metals closed higher Wednesday. U.S. Mint sales of silver coins also advanced.

Gold prices notched a sixth consecutive session gain on Wednesday and closed at a three-week high.

Gold for April delivery settled up $5.60, or 0.5%, to $1,197 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the highest since March 4 when gold ended at $1,200.90 an ounce.

"Several fundamental factors worked in favor of the precious metals Wednesday, including a slumping U.S. dollar index that continues to be a major bullish underlying theme for most raw commodity markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Price action in many commodity futures markets this week has given the bulls some hope that those markets are at or near price bottoms," Wyckoff added.

Gold prices ranged from a low of $1,186.10 to a high of $1,199.30. They have advanced $48.80, or 4.3%, since last ending down on March 17.

Extending a winning streak to five sessions, silver for May delivery tacked on 2 cents, or 0.1%, to end at $17 an ounce. Silver prices traded from $16.84 to $17.14. They have soared $1.46, or 9.4%, since closing lower one week ago.

In PGM futures on Wednesday:

  • April platinum gained $5, or 0.4%, to $1,146.50 an ounce, ranging from $1,135.10 to $1,151.40.

  • Palladium for June delivery added $1.70, or 0.2%, to $765.40 an ounce, trading between $761.70 and $769.75.

London Precious Metals Prices

Earlier fixed London precious metals were split once again. In comparing London bullion Fix prices from Tuesday PM to Wednesday PM:

  • Gold rose $3.50, or 0.3%, to $1,195 an ounce,
  • Silver dipped 3 cents, or 0.2%, to $16.94 an ounce,
  • Platinum added $14, or 1.2%, to $1,146 an ounce, and
  • Palladium declined $3, or 0.4%, to $765 an ounce.

US Mint Bullion Coin Sales in March

United States Mint sales advanced Wednesday for American Silver Eagles, up 72,000. The Mint’s silver coins at 813,500 ounces for the week so far are 27.7% higher than last week’s sales of 637,000 ounces.

This listing of U.S. Mint bullion products show the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday Sales Last Week Current Week February Sales March Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 9,000 3,500 12,500 29,000 93,000
$25 American Eagle 1/2 Oz Gold Coins 0 0 0 2,000 4,000 24,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 2,000 0 8,000 44,000
$5 American Eagle 1/10 Oz Gold Coins 0 15,000 0 50,000 55,000 220,000
$50 American Buffalo 1 Oz Gold Coins 0 4,500 500 12,000 8,500 55,000
$1 American Eagle 1 Oz Silver Coins 72,000 637,000 787,000 3,022,000 2,855,000 11,407,000
2015 Homestead 5 Oz Silver Coins 0 0 5,300 20,000 13,300 33,300

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