Gold Rises 0.5%, Silver Jumps 2%


Gold nuggets

Gold, silver and other precious metals advanced Wednesday, supported by a bit more safe-haven demand as little movement was seen in U.S. equities.

Gold for April delivery turned up $5.70, or 0.5%, to settle at $1,256.90 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal traded from a low of $1,251.80 to a high of $1,274.50.

"I am sure that at some point, it will break one way or the other and will catch most of us unawares, that is the way of the gold market," MarketWatch quoted David Govett of Marex Spectrum. "But for the moment, stick with what works. Sell strength, buy weakness."

Gold prices declined $8.70, or 0.7%, in the prior session after rallies in U.S. stocks and the U.S. dollar.

Adding to the penny increase from the previous session, silver for March delivery gained 38 cents, or 2%, to close at $19.81 an ounce. Silver prices ranged from $19.44 to $20.34.

Like gold, PGMs also reversed from prior-day losses. On Wednesday:

  • April platinum added $5.90, or 0.4%, to $1,379.30 an ounce, trading between $1,372.80 and $1,396.70.

  • Palladium for March delivery rose $7, or 1%, to $707.10 an ounce, ranging from $700 to $717.40.

London Fix Precious Metals

Earlier fixed London precious metals also climbed. In contrasting the London fix prices from Tuesday PM to Wednesday PM:

  • Gold edged up $4.25, or 0.3%, to $1,254.50 an ounce,
  • Silver gained 29 cents, or 1.5%, to $19.63 an ounce,
  • Platinum added $9, or 0.7%, to $1,383 an ounce, and
  • Palladium rose $15, or 2.1%, to $717 an ounce

US Mint Bullion Coin Sales in February

Sales totals for U.S. Mint bullion coins remained unchanged Wednesday following two straight days of broad gains. Below is a sales breakdown across all the bureau’s bullion products.

American Eagle and Buffalo Bullion Sales (# of coins)
Wednesday Sales Week-To-Date Sales Sales Last Week 2014 Sales to Feb. 5
$50 American Eagle Gold Bullion Coins 0 2,000 1,000 64,500
$25 American Eagle Gold Bullion Coins 0 1,000 0 13,000
$10 American Eagle Gold Bullion Coins 0 2,000 0 30,000
$5 American Eagle Gold Bullion Coins 0 10,000 10,000 170,000
$50 American Buffalo Gold Bullion Coins 0 5,000 2,000 46,500
American Eagle Silver Bullion Coins 0 795,000 741,000 5,570,000


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