Gold prices retreated Wednesday for the first time in five sessions as the U.S. stronger dollar hit a seven-month high and a riskier investment environment won the day.
Gold futures for April delivery declined $3.30, or 0.2%, to settle $1,588.40 an ounce on the Comex in New York. Gold traded between intraday levels of $1,584.40 and $1,598.80.
"With investors pouring money into the stock market trying to chase the run up, retail investors have shied away from gold," MarketWatch quoted David Beahm, vice president at precious-metals investment firm Blanchard & Co.
"The real question is which investment has further to go? A stock market at all-time highs in an economic environment that is barely holding on to growth or gold, which will protect investor’s wealth during the uncertain times that lie ahead."
In U.S. stocks, the Dow hit a new record high, rising for a ninth straight session for its longest rally since November 1996.
In other precious metals futures Wednesday:
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Silver for May delivery lost 21.3 cents, or 0.7%, to $28.958 an ounce, ranging from $28.835 to $29.280.
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April platinum dipped $1.90, or 0.1%, to $1,593.10 an ounce, trading between $1,586.50 and $1,602.00.
- Palladium for June delivery declined $4.25, or 0.6%, to $771.25 an ounce, trading between $766.15 and $776.65.
London Precious Metals
Earlier fixed London precious metals moved lower as well. In contrasting the Tuesday PM to Wednesday PM London Fix prices:
- Gold shed $4.75, or 0.3%, to $1,589.25 an ounce,
- Silver declined 13.0 cents, or 0.4%, to $29.12 an ounce,
- Platinum fell $9.00, or 0.6%, to $1,595.00 an ounce, and
- Palladium lost $1.00, or 0.1%, to $773.00 an ounce
US Bullion Coin Sales in March
U.S. Mint bullion sales were limited Wednesday to gold products. In totals, sales included 5,000 ounces of American Eagle gold coins and 1,000 ounces of American Buffalo gold coins. The entire breakdown for the day follows.
| American Eagle and Buffalo Bullion Coin Sales | |||||
|---|---|---|---|---|---|
| Wednesday Sales | Last Week | Week-To-Date Sales | March Sales | YTD Sales | |
| $50 American Eagle Gold Coins | 4,500 | 18,000 | 5,000 | 27,000 | 219,500 |
| $25 American Eagle Gold Coins | 0 | 2,000 | 0 | 2,000 | 24,000 |
| $10 American Eagle Gold Coins | 0 | 4,000 | 0 | 4,000 | 40,000 |
| $5 American Eagle Gold Coins | 5,000 | 10,000 | 10,000 | 20,000 | 200,000 |
| $50 American Buffalo Gold Coins | 1,000 | 5,500 | 1,000 | 6,500 | 90,500 |
| American Silver Eagle Coins | 0 | 897,000 | 704,500 | 1,601,500 | 12,468,000 |
| America the Beautiful 5 Oz. Silver Bullion Coin Sales | |||||
|---|---|---|---|---|---|
| Wednesday Sales | Last Week | Week-To-Date Sales | March Sales | All-Time Sales | |
| 2012 El Yunque National Forest 5 oz. Silver Bullion Coins | Sold Out | 0 | 24,000 | ||
| 2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins | 600 | 24,400 | |||
| 2012 Acadia National Park 5 oz. Silver Bullion Coins | 0 | 25,400 | |||
| 2012 Hawai’i Volcanoes 5 oz. Silver Bullion Coins | 0 | 20,000 | |||
| 2012 Denali National Park 5 oz. Silver Bullion Coins | 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 | 10,400 | 58,100 |
| 2011 Chickasaw Park 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 8,800 | 48,700 |
| TOTAL | 0 | 0 | 0 | 19,800 | 325,500 |
All bullion figures above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.
