Gold futures rebounded modestly Wednesday after falling to a 16-week low in the previous session.
Gold for August delivery added $10.90, or 0.9%, to settle at $1,163.50 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from a low of $1,145.90 to a high of $1,163.80.
"Gold ended the U.S. day session moderately higher Wednesday, on short covering in the futures market and bargain hunting in the cash, following recent selling pressure that saw prices hit a 3.5-month low overnight," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "There may have even been a touch of safe-haven demand for the yellow metal," he added.
The yellow metal on Tuesday tumbled by 1.8%.
Silver for September delivery rose 19 cents, or 1.3%, to close at $15.16 an ounce. Silver prices traded from $14.71 to $15.22. They dived 5% in the prior session, touching a 7-month low.
In other precious metals futures:
October platinum declined $5.70, or 0.6%, to $1,035.80 an ounce, ranging from $1,010.90 to $1,039.70.
- Palladium for September edged up $1.10, or 0.2%, to $653.50 an ounce, trading between $629.25 and $655.50.
London Precious Metals Prices
Earlier fixed London precious metals prices were mixed. Silver was the exception. In comparing London bullion prices from Tuesday PM to Wednesday PM:
- Gold added $2.25, or 0.2%, to $1,158.50 an ounce,
- Silver fell 62 cents, or 4%, to $14.99 an ounce,
- Platinum declined $30, or 2.9%, $1,016 an ounce, and
- Palladium dropped $19, or 2.9%, to $642 an ounce.
US Mint Bullion Coin Sales in July
United States Mint gold coins jumped by 10,500 ounces, lifting sales for the week so far to 31,500 ounces. That is nearing last week’s total of 33,000 ounces, the most since the week after the 2015-dated coins launched in January.
The Mint’s Silver Eagle inventory ran out on Tuesday and Blue Ridge Parkway five-ounce coins, which temporarily sold out on June 22, will not return until Monday.
Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available. Those with a double asterisk (**) are temporarily unavailable.
|US Mint Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||This Week||June Sales||July Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||6,500||21,000||23,500||62,500||32,500||231,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||2,000||1,000||4,000||2,000||38,000|
|$10 American Eagle 1/4 Oz Gold Coins||4,000||8,000||6,000||12,000||10,000||80,000|
|$5 American Eagle 1/10 Oz Gold Coins||10,000||15,000||20,000||85,000||25,000||415,000|
|$50 American Buffalo 1 Oz Gold Coins||2,000||7,500||4,000||21,000||6,500||103,000|
|$1 American Eagle 1 Oz Silver Coins**||0||1,932,000||1,827,000||4,840,000||2,609,000||24,395,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins**||–||–||35,000||–||35,000|