Precious metals on Wednesday continued their advance from the prior session. Gold prices notched a more than five-week high, buoyed by U.S. dollar weakness.
Gold for June delivery rallied $25.80, or 2.2%, to close at $1,218.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the highest since April 6 when gold ended at $1,218.60 an ounce.
"The recent U.S. dollar weakness has propelled gold back above $1,200," MarketWatch quoted Ken Ford, president of Warwick Valley Financial Advisors. "Now traders are paying very close attention to gold as it approaches resistance at $1,220," he said. "If price can break above that resistance level, gold should be able to make another run at $1,300 mark."
Gold prices ranged from a low of $1,190.40 to a high of $1,218.50. They advanced 0.8% in the previous session and are up 2.5% since Friday.
Silver for July delivery surged 70 cents, or 4.2%, to settle at $17.22 an ounce. The white metal traded between $16.48 and $17.24. Silver prices on the week are up 76 cents, or 4.6%.
In PGM futures on Wednesday:
July platinum added $17.80, or 1.6%, to $1,150.80 an ounce, ranging from $1,130.10 to $1,154.10.
- Palladium for June delivery rose $4.25, or 0.5%, to $789.40 an ounce, trading between $782.40 and $793.45.
London Precious Metals Prices
Earlier fixed London precious metals prices were flat to higher. In comparing London bullion prices from Tuesday PM to Wednesday PM:
- Gold added $19, or 1.6%, to $1,210.50 an ounce,
- Silver gained 19 cents, or 1.2%, to $16.65 an ounce,
- Platinum rose $9, or 0.8%, to $1,143 an ounce, and
- Palladium was unchanged at $786 an ounce.
US Mint Bullion Coin Sales in May
United States Mint bullion sales were unchanged Wednesday as of 3:41 PM ET. Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||Monday Sales||April Sales||May Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||2,500||1,000||23,500||3,500||126,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||0||2,000||4,000||2,000||31,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||6,000||0||4,000||6,000||54,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||15,000||5,000||30,000||20,000||285,000|
|$50 American Buffalo 1 Oz Gold Coins||0||1,500||2,000||10,000||3,500||69,500|
|$1 American Eagle 1 Oz Silver Coins||0||833,500||225,000||2,851,500||1,058,500||15,981,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||0||12,000||0||30,000||12,000||42,000|