Precious metals futures moved lower Wednesday following their robust increases on Tuesday.
Gold for April delivery declined $7.60, or 0.6%, to settle at $1,327.60 an ounce on the Comex division of the New York Mercantile Exchange.
"The precious metals saw downside corrections following the good gains scored Tuesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The key ‘outside markets’ were also in a bearish daily posture for the metals today, as the U.S. dollar index was firmer and crude oil prices were sharply lower."
Gold futures traded from a low of $1,323.60 to a high of $1,342. They gained 1.2% on Tuesday — ending at their best level since Feb. 16, and fell 0.3% on Monday.
Silver for May delivery gave back 29 cents, or 1.7%, to finish at $16.494 an ounce. Silver futures ranged from $16.45 to $16.89. They rallied 2.3% on Tuesday and declined 0.3% on Monday.
In rounding out precious metals dealings:
April platinum dropped $17.40, or 1.8%, to $953.20 an ounce, trading between $952 and $973.70.
- Palladium for June delivery fell $19.25, or 2%, to $959.05 an ounce, ranging from $957 to $981.45.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $2, or 0.2%, to $1,329.40 an ounce.
- Silver added 2.5 cents, or 0.2%, to $16.645 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
U.S. Mint bullion products climbed by 1,000 ounces in American Gold Buffalos. Bullion sales were silent on Tuesday. On Monday, the Mint’s American Gold and Silver Eagles logged their first gains of the month.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Wednesday||Last Week||This Week / March||February||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||20,000||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||0||2,500||5,000||43,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||16,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||10,000||5,000||95,000|
|$50 American Buffalo 1 Oz Gold Coin||1,000||500||1,000||2,500||27,500|
|$1 American Eagle 1 Oz Silver Coin||0||237,500||165,000||942,500||4,342,500|
|Pictured Rocks 5 Oz Silver Coin||0||20,000||0||20,000||20,000|
This article was edited to include updated U.S. Mint bullion figures.