Precious metals advanced for the first time in three sessions Wednesday, though only silver climbed for more than it lost in the past two days.
Rebounding from a near two-month low, gold for December delivery settled up $34.60, or 2.7%, to $1,320.70 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from a low of $1,276.90 to a high of $1,324.20.
"Short covering, bargain hunting and safe-haven demand were featured," noted Jim Wyckoff, a senior analyst at Kitco Inc.
"Also benefiting all the precious metals Wednesday were key ‘outside markets’ that were in a bullish daily posture: solidly higher crude oil prices and a slump to an eight-month low in the U.S. dollar index."
On Tuesday, gold dived $40.90, or 3.1%, to close at $1,286.10 an ounce, its lowest price since August 7.
Silver led percentage gains among precious metals. Silver for December delivery rallied 72.2 cents, or 3.4%, to $21.90 an ounce, trading between $20.99 and $22.04. Prices in the prior session declined 53.3 cents, or 2.5%.
In rounding out precious metals futures on Wednesday:
January platinum gained $8.10, or 0.6%, to $1,393.40 an ounce, trading between $1,378.50 and $1,400.90. It lost $27.10, or 1.9%, in the prior session.
- Palladium for December delivery edged up $2.30, or 0.3%, to $721.20 an ounce, ranging from $712.10 to $722.60. Palladium on Tuesday fell $8.25, or 1.1%.
London Fix Precious Metals
London precious metals were mixed. In contrasting the Tuesday PM to Wednesday PM London fix prices:
- Gold gained $15.50, or 1.2%, to $1,306.25 an ounce,
- Silver declined 56 cents, or 2.6%, to $21.14 an ounce,
- Platinum added $12, or 0.9%, to $1,389 an ounce, and
- Palladium fell $4, or 0.6%, to $715 an ounce
U.S. Mint Bullion Sales in October
Nearly every product and size option in U.S. Mint gold coins advanced Wednesday. Silver coins were muted after every one of them gained on Tuesday. Sales increases by coin totals are listed in the following table:
|American Eagle and Buffalo Bullion Sales|
|Wednesday Sales||Last Week||Week-To-Date Sales||October Sales||YTD Sales|
|$50 American Gold Eagle Bullion Coins||2,000||2,000||2,000||2,000||607,000|
|$25 American Gold Eagle Bullion Coins||1,000||3,000||1,000||1,000||54,000|
|$10 American Gold Eagle Bullion Coins||2,000||2,000||2,000||2,000||106,000|
|$5 American Gold Eagle Bullion Coins||0||0||5,000||5,000||470,000|
|$50 American Buffalo Gold Bullion Coins||1,000||4,500||2,500||2,500||202,500|
|White Mountain 5 oz. Silver Bullion Coins||N/A||35,000*|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||0||1,200||1,200||26,200|
|Great Basin 5 oz. Silver Bullion Coins||0||0||2,200||2,200||27,200|
|Fort McHenry 5 oz. Silver Bullion Coins||0||0||2,000||2,000||27,000|
|American Silver Eagle Bullion Coins||0||675,000||675,000||187,000||36,275,000|