Precious metals futures rallied in the mid-week trading session Wednesday as the U.S. dollar sank to a more than 3-year low. Silver logged a near 4-1/2-month high and gold posted an almost 1-1/2-year high.
Gold for February delivery advanced $19.60, or 1.5%, to settle at $1,356.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Aug. 18, 2016, when prices closed at $1,357.20 an ounce.
"Of all the combinations of market fundamentals which can prove supportive of gold prices, none are more potent than a slumping U.S. dollar amid concern for a deteriorating U.S. fiscal position. This is total nirvana for gold," MarketWatch quoted Trey Reik, senior portfolio manager with Sprott Asset Management, in a commentary.
Gold futures traded from a low of $1,339.10 to a high of $1,361.60. They rose 0.4% on Tuesday and dipped 0.1% on Monday.
Meanwhile, silver for March delivery surged 57.6 cents, or 3.4%, to settle at $17.489 an ounce. The settlement is the strongest since Sept. 15, 2017, when the precious metal finished at $17.701 an ounce. Silver futures ranged from $16.98 to $17.61. They fell 0.5% in the previous session and lost 0.3% on Monday.
In PGM futures on Wednesday:
April platinum added $8, or 0.8%, to $1,015.80 an ounce, trading between $1,009.10 and $1,027.30.
- Palladium for March delivery tacked on $22.10, or 2%, to $1,106.35 an ounce, ranging from $1,087.55 to $1,108.15. The close was $3.35 shy from the all-time record set on Jan. 17, 2018.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $20.30, or 1.5%, to $1,353.70 an ounce.
- Silver gained 21 cents, or 1.2%, to $17.19 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2018
United States Mint bullion sales climbed by 75,000 ounces in American Silver Eagles. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Wednesday||Last Week||This Week||December||2017 Sales||2018 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||3,500||4,500||38,000||228,500||35,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||2,000||2,000||3,000||37,000||16,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||4,000||64,000||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||10,000||5,000||25,000||395,000||75,000|
|$50 American Buffalo 1 Oz Gold Coin||0||2,500||2,500||14,000||99,500||23,500|
|$1 American Eagle 1 Oz Silver Coin||75,000||250,000||325,000||742,000||18,065,500||3,095,000|
This article was edited to include updated U.S. Mint bullion figures.