Precious metals advanced Wednesday, with gold futures snapping a two-session losing streak as the U.S. dollar retreated.
Gold for June delivery gained $10.70, or 0.9%, to settle at $1,275.50 an ounce on the Comex division of the New York Mercantile Exchange.
"At this point in the ballgame, there is a lot of demand supporting the yellow metal," MarketWatch quoted Adam Koos, president of Libertas Wealth Management Group. "Goldman Sachs raised gold forecasts this morning and J.P. Morgan went on record…saying that gold has entered a new bull market, with both adding some buying pressure to today’s trade."
Gold prices traded from a low of $1,266.30 to a high of $1,280.80. They dipped 0.1% in the prior session after falling 2.1% on Monday.
Up for a second day in a row, silver for July delivery advanced 22.7 cents, or 1.3%, to close at $17.319 an ounce. Silver prices ranged from $17.12 to $17.62. They edged up less 0.1% on Tuesday.
In other precious metals futures on Wednesday:
July platinum rose $16.80, or 1.6%, to $1,066.10 an ounce, trading between $1,052.70 and $1,076.40.
- Palladium for June delivery surged $15.85, or 2.7%, to $608.05 an ounce, ranging from $594.30 to $612.50.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold added $14.05, or 1.1%, to $1,276.85 an ounce.
- Silver added 47 cents, or 2.8%, to $17.51 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in 2016
U.S. Mint bullion sales were unchanged for a third straight day, according to figures on the agency’s website. Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Wednesday / This Week||Last Week||Mar Sales||Apr Sales||May Sale||2016 Sales|
|$50 American Eagle 1 Oz Gold Coins||0||11,000||29,000||93,500||11,000||290,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||3,000||1,000||6,000||3,000||39,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||0||4,000||14,000||0||66,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||10,000||75,000||55,000||10,000||385,000|
|$50 American Buffalo 1 Oz Gold Coins||0||6,500||7,000||19,500||6,500||86,000|
|$1 American Eagle 1 Oz Silver Coins||0||1,085,500||4,106,000||4,072,000||1,085,500||20,000,000|
|2016 Shawnee 5 Oz Silver Coins||0||0||0||0||0||105,000|
|2016 Cumberland Gap 5 Oz Silver Coins||0||0||0||64,000||0||64,000|