Precious metals returned lower in the mid-week trading session Wednesday, with gold and silver each falling 1.3% after they both gained 0.8% on Tuesday.
Gold for June delivery declined $16.20 to settle at $1,186.90 an ounce on the Comex division of the New York Mercantile Exchange. The closing is the lowest since March 31 when gold prices ended at $1,183.20 an ounce. The yellow metal traded from $1,185 to $1,204.40.
For now, "gold seems to be trading in a range where any rally is viewed by traders as an opportunity to turn profits while pullbacks turn into frequent chances to buy the dips," MarketWatch quoted Adam Koos, president of Libertas Wealth Management Group.
Silver for May delivery fell 21 cents to settle at $15.80 an ounce. Silver prices ranged from $15.66 to $16.08.
In other precious metals futures:
July platinum settled down $22.80, or 2%, to $1,129.70 an ounce, trading between $1,128.60 and $1,152.10.
- Palladium for June delivery tumbled $18.65, or 2.4%, to $755.90 an ounce, ranging from $755 to $773.75.
London Precious Metals Prices
London precious metals prices retreated as well. In comparing London bullion prices from Tuesday PM to Wednesday PM:
- Gold declined $6.05, or 0.5%, to $1,189.25 an ounce,
- Silver dipped 3 cents, or 0.2%, to $16.05 an ounce,
- Platinum fell $14, or 1.2%, to $1,138 an ounce, and
- Palladium declined $10, or 1.3%, to $766 an ounce.
US Mint Bullion Coin Sales in April
United States Mint sales logged broad gains Wednesday with six of the available seven bullion coins advancing. Combined gold coin sales rose 4,500 ounces and total silver coin sales climbed by 37,500 ounces.
In the latest American Silver Eagle milestone, the silver dollars edged over 14 million for the year. While the tally is higher than annual sales in 22 past years going back to the series start in 1986, it is well below last year’s record pace. In 2014, Silver Eagles notched sales of 17,398,000 by April 22.
The table below offers a listing of U.S. Mint bullion products shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||Current Week||March Sales||April Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||2,500||5,000||5,500||35,000||12,000||111,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||0||1,000||5,000||3,000||28,000|
|$10 American Eagle 1/4 Oz Gold Coins||2,000||0||2,000||8,000||4,000||48,000|
|$5 American Eagle 1/10 Oz Gold Coins||5,000||10,000||5,000||70,000||25,000||260,000|
|$50 American Buffalo 1 Oz Gold Coins||1,000||1,500||2,500||9,500||8,000||64,000|
|$1 American Eagle 1 Oz Silver Coins||30,000||575,500||512,000||3,519,000||1,930,500||14,001,500|
|2015 Homestead 5 Oz Silver Coins*||–||15,000||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins||1,500||N/A||29,500||N/A||29,500||29,500|