Gold fell to a more than four-month low on Wednesday as strength in the U.S. dollar continues to torment precious metals markets. The loss marks a seventh in eight sessions.
Gold for April delivery declined $9.50, or 0.9%, to end at $1,150.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the lowest since gold closed at $1,142.60 an ounce on Nov. 6.
"The strengthening dollar is important, but the poor technicals are also a key factor," MarketWatch quoted Mark O’Byrne, director at GoldCore in Dublin. "The big question is whether support at $1,130 an ounce holds or whether we retrench even further."
Gold traded from a low of $1,146.50 to a high of $1,164.30. Prices are now down 2.8% on the year.
Silver for May delivery tumbled 27 cents, or 1.7%, to close at $15.37 an ounce. Prices ranged from $15.26 to 15.73. Silver has ended flat or lower for nine straight sessions.
In rounding out the precious metals complex:
April platinum shed $14.60, or 1.3%, to $1,115.40an ounce, trading between $1,113.80 and $1,136.70.
- Palladium gave up $14.70, or 1.8%, to $789.40 an ounce, ranging from $787.25 to $808.30.
London Fix Precious Metals
Earlier fixed London precious metals declined again as well. In comparing London bullion Fix prices from Tuesday PM to Wednesday PM:
- Gold fell $12, or 1%, to $1,150 an ounce,
- Silver lost 14 cents, or 0.9%, to $15.64 an ounce,
- Platinum declined $16, or 1.4%, to $1,123 an ounce, and
- Palladium fell $11, or 1.4%, to $797 an ounce.
US Mint Bullion Coin Sales in March
United States Mint bullion sales rose Wednesday and late in the afternoon on Tuesday. Demand for gold coins has surged in recent days. U.S. Mint distributors have claimed 16,000 ounces since Friday, which is already the most for a week since mid-January. It is also at least double each of the weekly totals going back to mid-February. Of particular note, Gold Eagle sales for the month at 20,500 ounces have topped the 18,500 ounces sold in February.
Below are U.S. Mint bullion products with columns listing the number of bullion coins sold during varying time periods.
|US Mint Bullion Sales (# of coins)|
|Wednesday Sales||Tuesday Sales||Last Week||Current Week||February Sales||March Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||1,000||5,000||2,500||12,000||12,500||14,500||78,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||1,000||3,000||1,000||2,000||4,000||24,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||0||2,000||0||0||2,000||38,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||15,000||20,000||15,000||50,000||35,000||200,000|
|$50 American Buffalo 1 Oz Gold Coins||0||500||1,500||2,000||12,000||3,500||50,000|
|$1 American Eagle 1 Oz Silver Coins||0||304,000||587,000||786,500||3,022,000||1,373,500||9,925,500|
|2015 Homestead 5 Oz Silver Coins||0||800||0||8,000||20,000||8,000||28,000|