Gold rose on Wednesday to snap a two-session losing streak. The precious metal advanced on safe-haven demand, opined analysts, as U.S. stocks sank after the Federal Reserve announced it would further cut its monthly bond purchases by $10 billion a month.
Gold for February delivery added $11.40, or 0.9%, to settle at $1,262.20 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from $1,248.50 and $1,269.30.
"Comex gold futures ended the U.S. day session with moderate gains Wednesday on short covering and bargain hunting following selling pressure on Monday and Tuesday," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily note. "Importantly, there was also some safe-haven buying interest in gold as the market place remains concerned about the strains on some emerging market currencies."
In other precious metals futures on Wednesday:
Silver for March delivery climbed 5 cents, or 0.3%, to $19.55 an ounce, trading between $19.45 and $19.97.
April platinum dipped $1.30, or less than 0.1%, to $1,408.10 an ounce, ranging from $1,404.00 to $1,421.80.
- Palladium for March delivery declined $5.35, or 0.8%, to $711.15 an ounce, trading between $707.15 and $723.45.
London Fix Precious Metals
Aside from gold, London precious metals fixings declined. In contrasting the London fix prices from Tuesday PM to Wednesday PM:
- Gold gained $12.75, or 1%, to $1,264 an ounce,
- Silver fell 4 cents, or 0.2%, to $19.68 an ounce,
- Platinum declined $2, or 0.1%, to $1,416 an ounce, and
- Palladium lost $2, or 0.3%, to $720 an ounce
US Mint Bullion Sales in January
Sales totals for U.S. Mint bullion coins were unchanged Wednesday. Here is a sales breakdown across all United States Mint bullion products:
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Wednesday Sales||Sales This Week||Sales Last Week||2014 Sales to Jan. 28|
|$50 American Eagle Gold Bullion Coins||0||1,000||5,000||62,500|
|$25 American Eagle Gold Bullion Coins||0||0||2,000||12,000|
|$10 American Eagle Gold Bullion Coins||0||0||0||28,000|
|$5 American Eagle Gold Bullion Coins||0||10,000||0||160,000|
|$50 American Buffalo Gold Bullion Coins||0||0||0||39,500|
|American Eagle Silver Bullion Coins||0||712,000||550,000||4,726,000|