Gold Rises to 2-Week High as Silver, Platinum and Palladium Fall

by CoinNews.net on March 22, 2018 · 1 comment

Small Gold Bullion Bars

In futures Thursday, March 22, gold rose 0.5% while silver and platinum each declined 0.2% and palladium lost 0.5%

Precious metals futures closed mostly lower Thursday. Gold was the exception, rising 0.5% and closing at a two-week high.

Gold for April delivery added $5.90 to settle at $1,327.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the strongest since March 7 when gold ended 20 cents higher.

"If you factor in the significant near-term geopolitical concerns and the uncertain equity market fallout from an escalation of a trade war with China, gold has to be a mainstay component in any investment portfolio," Reuters quoted Stephen Innes, APAC trading head at OANDA.

Gold futures traded from a low of $1,324.60 to a high of $1,335. They rose 0.7% on Wednesday, lost 0.4% on Tuesday — ending at their lowest price since March 1, and gained 0.4% on Monday.

Silver for May delivery shed 3.2 cents, or 0.2%, to settle at $16.387 an ounce. Silver futures ranged from $16.33 to $16.61. They gained 1.5% on Wednesday, declined 0.9% on Tuesday and edged up 0.3% on Monday.

In other precious metals futures prices:

  • April platinum dipped $1.50, or 0.2%, to $949.10 an ounce, trading between $945.80 and $963.80.

  • Palladium for June delivery lost $4.65, or 0.5%, to $981.80 an ounce, ranging from $968 to $991.35.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold rose $10.35, or 0.8%, to $1,321.35 an ounce.
  • Silver declined a half penny, or less than 0.1%, to $16.245 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Sales in 2018

U.S. Mint bullion sales were unchanged as of 3:21 p.m. ET. 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)
Thursday Last Week This Week February March 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 0 0 5,000 2,500 43,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 5,000 10,000 95,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 2,500 1,000 27,500
$1 American Eagle 1 Oz Silver Coin 0 270,000 195,000 942,500 630,000 4,807,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 20,000 0 20,000

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