Gold, Silver Rise on Safe-Haven Demand


Bullion bars and gold coins

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


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