Precious metals futures rebounded Wednesday, with palladium ending at its best level in 16 years and gold closing at an about three-week high.
Gold for December delivery climbed $7.90, or 0.6%, to settle at $1,283.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since Oct. 19.
"The gold market saw a bullish upside ‘breakout’ from a sideways trading range on the daily bar chart, which prompted technically oriented traders to step in on the buy side," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Buy stop orders were also triggered in the gold futures market on today’s advance."
Gold futures traded from a low of $1,276.10 to a high of $1,288.10. They declined 0.5% in the previous session and advanced 1% in their start to the week on Monday.
Meanwhile, silver for December delivery moved up 19.8 cents, or 1.2%, to finish at $17.138 an ounce. The close was the highest since Nov. 2. Silver futures ranged from $16.95 to $17.27. They dropped 1.7% on Tuesday and jumped 2.4% on Monday.
In PGM futures on Wednesday:
January platinum gained $12.60, or 1.4%, to $937.90 an ounce, trading between $925.20 and $939.30.
- Palladium for December delivery surged $21.70, or 2.2%, to $1,015.80 an ounce — the highest close since early February 2001, ranging from $992.10 to $1,017.35.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold gained $8.40, or 0.7%, to 1,284 an ounce.
- Silver slipped a penny to $16.995 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
United States Mint bullion sales were unchanged. 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||October||November||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$25 American Eagle 1 Oz Palladium Coin*||0||0||0||0||0||15,000|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||1,500||11,000||2,500||183,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||2,000||0||32,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||0||58,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||30,000||0||360,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,500||500||7,000||500||84,000|
|$1 American Eagle 1 Oz Silver Coin||0||40,000||90,000||1,040,000||90,000||17,028,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||0||0||0||0||35,000|
|2017 Frederick Douglass 5 Oz Silver Coin||0||0||0||0||0||20,000|
|2017 Ozark Riverways 5 Oz Silver Coin||0||0||0||0||0||20,000|
|2017 Ellis Island 5 Oz Silver Coin*||0||0||0||0||0||40,000|