In relatively thin volume and within a narrow trading range, gold futures on Wednesday settled lower for the first time in ten sessions.
Gold for April delivery shed $4, or 0.3%, to settle at $1,320.40 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices ended the U.S. day session moderately lower Wednesday, on some more profit taking and a corrective technical pullback from recent gains that saw prices hit a 3.5-month high Tuesday," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily note. "The gold and silver market bulls still have the near-term technical advantage."
Gold traded from a low of $1,314 to a high of $1,323.
Snapping a winning streak of eleven straight sessions, silver for March delivery lost 5 cents, or 0.2%, to close at $21.85 an ounce. Silver prices ranged from $21.62 to $21.96.
In PGM future prices on Wednesday:
April platinum ended flat at $1,424.50 an ounce, trading between $1,412.30 and $1,429.80.
- Down for a second session, palladium for March delivery fell $1.75, or 0.2%, to $735.40 an ounce. It ranged from $733 to $739.95.
London Fix Precious Metals
London precious metals mixed it up. In contrasting London fix prices from Tuesday PM to Wednesday PM:
- Gold slipped 25 cents to $1,320.50 an ounce,
- Silver added 38 cents, or 1.8%, to $21.75 an ounce,
- Platinum was flat at $1,424 an ounce, and
- Palladium climbed $2, or 0.3%, to $738 an ounce
US Mint Bullion Coin Sales in February
Sales totals for United States Mint bullion coins remained unchanged Wednesday as of 3:57 p.m. EST. Below is a current sales breakdown across all the U.S. Mint bullion products.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Week-To-Date Sales||Sales Last Week||Feb Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||2,000||5,000||9,000||71,500|
|$25 American Eagle Gold Bullion Coins||0||0||2,000||14,000|
|$10 American Eagle Gold Bullion Coins||0||0||8,000||36,000|
|$5 American Eagle Gold Bullion Coins||0||20,000||30,000||190,000|
|$50 American Buffalo Gold Bullion Coins||1,000||4,500||10,500||52,000|
|American Eagle Silver Bullion Coins||654,500||900,000||2,404,500||7,179,500|