Gold futures traded higher on Wednesday for the first time in three sessions, climbing from a five-week low, while silver futures extended their losing streak to five sessions in a row.
Gold for August delivery added $2.30, or 0.2%, to settle at $1,245.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices were ending the U.S. day session slightly higher Wednesday, on some more short-covering in the futures market and on some technical chart consolidation after prices hit a four-week low early on," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Mostly weaker world stock markets today also worked in favor of the gold market bulls."
Gold futures ranged from a low of $1,241.70 to a high of $1,248.80. They dipped 0.3% in the previous session — marking their weakest close since May 16, and lost 0.8% on Monday.
Elsewhere, silver for July delivery shed 4.3 cents, or 0.3%, to settle at $16.374 an ounce. The settlement is the lowest since May 11. Silver futures traded between $16.31 and $16.50. They declined 0.5% on Tuesday and fell 1% in their start to the week on Monday.
In PGM futures on Wednesday:
July platinum gained $5.50, or 0.6%, to $927 an ounce, ranging from $916.50 to $928.50.
- Palladium for September delivery advanced $9.30, or 1.1%, to $876.45 an ounce, trading between $860.70 and $882.35.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold edged up 30 cents to $1,242.50 an ounce.
- Silver fell 8 cents, or 0.5%, to $16.51 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2017
U.S. Mint bullion sales were unchanged as of 3:25 p.m. ET. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Wednesday||Last Week||This Week||May||June||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||1,000||2,000||10,000||3,000||140,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||2,000||0||27,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||0||48,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||30,000||10,000||250,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||0||5,000||1,000||65,000|
|$1 American Eagle 1 Oz Silver Coin||0||205,000||272,000||2,455,000||706,000||11,953,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||500||6,300||5,600||8,800||35,000|
|2017 Frederick Douglass 5 Oz Silver Coin||0||0||0||2,400||0||20,000|
|2017 Ozark Riverways 5 Oz Silver Coin||0||2,800||0||N/A/||20,000||20,000|