Gold and silver futures settled higher Wednesday, ahead of Independence Day on Thursday when U.S. markets are closed.
Gold for August delivery added $8.50, or 0.7%, to close at $1,251.90 an ounce on the Comex in New York. Gold prices traded through a range from $1,236 to $1,259.30. The precious metal on Tuesday declined $12.30, or 1%, when the U.S. dollar index notched a five-week high. On Wednesday, the greenback slipped and safe-haven demand for gold climbed.
"Gold prices ended the U.S. day session moderately higher Wednesday, on some safe-haven demand amid geopolitical tensions, and on more short-covering and bargain hunting," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note. "A weaker U.S. dollar index Wednesday’s was also a positive for the gold and silver markets."
Silver prices for September delivery rallied 39.1 cents, or 2%, to finish at $19.70 an ounce, ranging from $19.32 to $19.89. The white metal in the prior session lost 26.9 cents, or 1.4%.
PGMs moved opposite of gold and silver:
Down for a second day, October platinum lost $21, or 1.5%, to $1,346.80 an ounce, trading between $1,341.70 and $1,374.20.
- After rising Tuesday by itself, palladium declined Wednesday. September palladium fell $3.20, or 0.5%, to $685.70 an ounce, ranging from $680.55 to $689.75.
London Fix Precious Metals
London precious metals fixings retreated following two consecutive days of gains. When comparing the Tuesday to PM to Wednesday PM London Fix prices:
- Gold dipped $2.50, or 0.2%, to $1,250.00 an ounce,
- Silver prices shed 7 cents, or 0.4%, to $19.55 an ounce,
- Platinum declined $14, or 1%, to $1,361 an ounce, and
- Palladium slipped $3, or 0.4%, to $684 an ounce
US Bullion Coin Sales in July
United States Mint sales levels for its bullion coins were unchanged Wednesday, for a second straight day, after soaring on Monday. The following are daily, July and year-to-date bullion coin totals as published by the U.S. Mint.
|American Eagle and Buffalo Bullion Coin Sales|
|Wednesday Sales||Last Week||Weekly / July Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||12,500||12,000||556,500|
|$25 American Eagle Gold Bullion Coins||0||1,000||2,000||45,000|
|$10 American Eagle Gold Bullion Coins||0||4,000||2,000||88,000|
|$5 American Eagle Gold Bullion Coins||0||10,000||10,000||425,000|
|$50 American Buffalo Gold Bullion Coins||0||7,000||5,500||167,000|
|White Mountain 5 oz. Silver Bullion Coins||0||0||1,000||28,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||0||1,000||15,200|
|Great Basin 5 oz. Silver Bullion Coins||0||9,900||4,300||14,200|
|American Silver Eagle Bullion Coins||0||847,000||826,000||25,869,500|
Figures above are in the number of coins sold, not in ounces.