Gold retreated to below $1,600 an ounce as investors booked profits and preferred riskier bets Wednesday.
After rising for two straight days, gold futures for April delivery declined $19.80, or 1.2%, to $1,595.70 an ounce on the Comex in New York. The precious metal traded from an intraday low of $1,592.60 to a high of $1,614.40.
"An increase in investor risk appetite saw solid rallies in the U.S. stock indexes Wednesday, which worked to pull way safe-haven demand for gold that surfaced Tuesday," noted Jim Wyckoff in the PM Kitco Metals Roundup.
Gold surged $28.90, or 1.8%, on Tuesday as testimony from Fed Chairman Ben Bernanke stimulated buying. It was gold’s biggest one-day gain in 2013.
Silver for May delivery — the new, most active contract — shed 33.5 cents, or 1.1%, to $28.985 an ounce. The white metal traded between $28.865 and $29.440.
PGM’s were mixed Wednesday.
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April platinum declined $16.40, or 1.0%, to $1,600.10 an ounce, ranging from $1,592.00 to $1,625.80.
- Palladium was the outlier in the group. Palladium for June delivery — the new, most active contract — gained $3.75, or 0.5%, to $745.65 an ounce. The precious metal traded between $737.20 and $752.55.
London Precious Metals
Precious metals in London advanced. In contrasting the Tuesday PM to Wednesday PM London Fix prices:
- Gold gained $13.75, or 0.9%, to $1,604.25 an ounce,
- Silver rose 32.0 cents, or 1.1%, to $29.07 an ounce,
- Platinum added $4.00, or 0.2%, to $1,609.00 an ounce, and
- Palladium edged up $1.00, or 0.1%, to $741.00 an ounce
US Bullion Coin Sales in February
U.S. Mint bullion sales were limited Wednesday to American Eagle gold coins. The one-ounce, 22-karat gold pieces climbed by 2,500 ounces. Sales for each U.S. Mint bullion coin follow.
| American Eagle and Buffalo Bullion Coin Sales | |||||
|---|---|---|---|---|---|
| Wednesday Sales | Last Week | Week-To-Date Sales | Feb Sales | YTD Sales | |
| $50 American Eagle Bullion Gold Coins | 2,500 | 14,000 | 16,000 | 68,000 | 192,500 |
| $25 American Eagle Bullion Gold Coins | 0 | 2,000 | 1,000 | 5,000 | 22,000 |
| $10 American Eagle Bullion Gold Coins | 0 | 6,000 | 2,000 | 12,000 | 36,000 |
| $5 American Eagle Bullion Gold Coins | 0 | 35,000 | 5,000 | 70,000 | 180,000 |
| $50 American Buffalo Bullion Gold Coins | 0 | 6,000 | 2,500 | 11,500 | 84,000 |
| American Silver Eagle Coins | 0 | 903,000 | 822,000 | 3,368,500 | 10,866,500 |
| America the Beautiful 5 Oz. Silver Bullion Coin Sales | |||||
|---|---|---|---|---|---|
| Wednesday Sales | Last Week | Week-To-Date | Feb Sales | All-Time Sales | |
| 2012 El Yunque National Forest 5 oz. Silver Bullion Coins | 0 | 1,600 | 0 | 2,100 | 24,000 |
| 2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins | 0 | 1,200 | 2,000 | 3,800 | 23,800 |
| 2012 Acadia National Park 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 0 | 25,400 |
| 2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 0 | 20,000 |
| 2012 Denali National Park 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 0 | 20,000 |
| 2011 Olympic National Park 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 0 | 104,900 |
| 2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 2,200 | 45,700 |
| 2011 Chickasaw Park 5 oz. Silver Bullion Coins | 0 | 3,800 | 500 | 4,240 | 39,900 |
| TOTAL | 0 | 6,600 | 2,500 | 9,840 | 303,700 |
All bullion figures above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.
