Gold Posts Gain for First Time in Eight Sessions

by CoinNews.net on March 6, 2019 · 0 comments

Gold Changed Slightly This Week

Gold futures rose 0.2% on Wednesday, March 6

Precious metals were mixed Wednesday as gold and palladium gained while silver and platinum declined. Gold’s daily increase was its first in eight sessions.

Gold for April delivery added $2.90, or 0.2%, to settle at $1,287.60 an ounce on the Comex division of the New York Mercantile Exchange.

"After the massive sell-off it is not surprising to see the prices stabilize given the cautious tone on the equity market, especially today," Reuters quoted Commerzbank analyst Eugen Weinberg. "The risks (to the market) are not out, they are only delayed."

Gold futures ranged from a low of $1,284.30 to a high of $1,291.80. They shed 0.2% on Tuesday — ending at their lowest level since Jan. 24, and declined 0.9% on Monday.

Elsewhere, silver for May delivery dipped 2 cents, or 0.1%, to close at $15.085 an ounce. The settlement was the weakest since Dec. 24. Silver futures traded between $15.05 and $15.18. They finished unchanged Tuesday and declined 1% on Monday.

In PGM futures on Wednesday:

  • April platinum declined $9.90, or 1.2%, to $828.10 an ounce, ranging from $826.40 to $839.90.

  • Palladium for June delivery advanced $20.50, or 1.4%, to $1,486.40 an ounce, trading between $1,460.50 and $1,498.90.

London Precious Metals Prices

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

  • Gold rose $2.05, or 0.2%, to $1,285.85 an ounce.
  • Silver fell 1.5 cents, or 0.1%, to $15.095 an ounce.

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

US Mint 2019 Bullion Sales

United States Mint bullion sales were unchanged. 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)
Wednesday Last Week January February March / This Week 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 600 27,100 2,400 0 29,500
$50 American Eagle 1 Oz Gold Coin 0 1,500 44,500 11,000 1,500 57,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 15,000 1,000 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 0 0 20,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 85,000 10,000 0 100,000
$50 American Buffalo 1 Oz Gold Coin 0 500 23,500 6,000 500 30,000
$1 American Eagle 1 Oz Silver Coin 0 100,000 4,017,500 2,157,500 0 6,175,000

 

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