Precious metals futures advanced Wednesday, led by silver with its 1% increase. Gold trailed them all, rising just 0.2%, but it finished at a more than two-week high.
Gold for August delivery — the new, most active contract — rose $2.40 to settle at $1,306.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the highest since May 14.
"A sharp drop in the U.S. dollar index today was a bit supportive for the precious metals markets. However, the USDX hit a 10.5-month high on Tuesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Several fundamental factors are in play in the marketplace at mid-week, but few seem to be having much impact on the precious metals at this point."
Gold futures ranged from a low of $1,300 to a high of $1,308.80. They slipped 0.4% in the start to the new trading week on Tuesday.
Silver for July delivery gained 17.1 cents to settle at $16.544 an ounce. Silver futures traded between $16.32 and $16.58. They fell 1.1% on Tuesday.
In PGM futures on Wednesday:
July platinum added $2.60, or 0.3%, to $908.50 an ounce, ranging from $903.50 to $911.90.
- Palladium for September delivery added $4, or 0.4%, to $975 an ounce, trading between $966.30 and $977.70.
London Precious Metals Prices
LBMA bullion prices are available on the LBMA website with a delay of midnight.
US Mint Bullion Sales in 2018
United States Mint bullion sales advances for the first time this week. They were limited to one coin, however, with the 1-ounce American Gold Eagle rising by 6,000.
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 / This Week||Last Week||April||May||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||10,000||30,000|
|$50 American Eagle 1 Oz Gold Coin||6,000||8,000||4,000||18,500||66,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||16,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||6,000||0||18,000||44,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||5,000||10,000||110,000|
|$50 American Buffalo 1 Oz Gold Coin||0||6,500||2,000||16,500||47,000|
|$1 American Eagle 1 Oz Silver Coin||0||230,000||915,000||380,000||6,387,500|
|Pictured Rocks 5 Oz Silver Coin||0||0||0||0||30,000|
|Apostle Islands 5 Oz Silver Coin||0||0||30,000||0||30,000|