Gold prices on Wednesday rose for a third straight session in very thin trading. Its change from Tuesday was modest, like other precious metals.
Gold for August delivery climbed $1.10, or less than 0.1%, to finish at $1,261.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the highest since gold ended at $1,265.50 an ounce on May 27. Gold prices traded from a low of $1,257.90 to a high of $1,265.50.
U.S. stocks slipped Wednesday, lending some support to gold, opined analysts.
"Gold futures have been acting as a decent hedge to the stock market all year and weakness in equities… is attracting some bids into the gold market," MarketWatch quoted Tyler Richey, an analyst for the 7:00’s Report.
"For the near term, it appears gold is settling into a new trading range between $1,240 and $1,270-$1,280 level," he said. "However, it is worth noting that the Commitments of Traders report released by the CFTC last week showed a substantial increase in short interest in recent weeks, so the risk of a short squeeze back to the $1,300 area exists."
Silver for July delivery inched up less than a penny to close at $19.17 an ounce. Prices ranged from $19.15 to $19.33 and have ended higher in seven of the last eight sessions.
In PGM futures, platinum snapped a five-session winning streak while palladium rose for the ninth time in ten sessions. In their daily breakdowns:
July platinum dipped $1.10, or less than 0.1%, to $1,481.10 an ounce, trading between $1,474.80 and $1,488.40.
- Palladium for September delivery advanced $5.60, or 0.7%, to $860.15 an ounce, ranging from $851.95 to $864.60.
London Fix Precious Metals
Earlier fixed London precious metals also changed narrowly. In contrasting the London bullion fixings from Tuesday PM to Wednesday PM:
- Gold added $2.50, or 0.2%, to $1,262 an ounce,
- Silver gained 20 cents, or 1%, to $19.20 an ounce,
- Platinum rose $5, or 0.3%, to $1,483 an ounce, and
- Palladium added $5, or 0.6%, to $856 an ounce
US Mint Bullion Sales in June
Sales totals of U.S. Mint bullion products were unchanged as of 2:41 p.m. ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold last week, this week so far, last month, the month-to-date, and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Wednesday Sales||Sales Last Week||Week-To-Date Sales||May Sales||June Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||500||0||1,000||500||12,700|
|$50 American Gold Eagle Bullion Coins||0||10,500||6,000||29,000||16,500||172,000|
|$25 American Gold Eagle Bullion Coins||0||0||0||3,000||0||25,000|
|$10 American Gold Eagle Bullion Coins||0||0||0||6,000||0||68,000|
|$5 American Gold Eagle Bullion Coins||0||10,000||5,000||35,000||15,000||340,000|
|$50 American Buffalo Gold Bullion Coins||0||3,500||2,000||12,500||5,500||101,000|
|$1 American Eagle Silver Bullion Coins||0||670,000||675,000||3,988,500||1,345,000||22,781,500|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||500||500||4,000||1,000||28,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||500||0||19,100||500||19,600|
|Arches National Park 5 Oz Silver Bullion Coins||0||N/A||13,500||N/A||13,500||13,500|