Precious metals futures advanced Wednesday. Palladium led gains, surging 3.1% to close at a fresh record.
Gold for August delivery tacked on $12, or 0.9%, to settle at $1,412.50 an ounce on the Comex division of the New York Mercantile Exchange.
"The precious metals were boosted today by comments from Federal Reserve Chairman Jerome Powell to the U.S. House of Representatives. Powell cited several concerns regarding the U.S. economy that traders deemed dovish on monetary policy," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
Gold futures ranged from a low of $1,391.80 to a high of $1,417.50. They added 50 cents on Tuesday and lost a dime on Monday. Last Wednesday, July 3, gold finished at $1,420.90 an ounce for its highest settlement since May 14, 2013.
Silver for September delivery settled up 7.9 cents, or 0.5%, to $15.226 an ounce. Silver futures traded between $15.07 and $15.32. They rose 0.6% on Tuesday and gained 0.3% on Monday.
In PGM futures prices Wednesday:
October platinum moved up $14.90, or 1.8%, to $830 an ounce, ranging from $811.30 to $832.70.
- Palladium for September rallied $48.20 to $1,588.10 an ounce — a new record settlement. Palladium traded between $1,536.90 and $1,593.20.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold gained $16.75, or 1.2%, to $1,408.30 an ounce.
- Silver rose 7 cents, or 0.5%, to $15.095 an ounce.
US Mint 2019 Bullion Sales
United States Mint bullion sales were unchanged for a second day after registering their first increases of the month on Monday.
Below is a sales breakdown of U.S. Mint 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 / July||May||June||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||0||0||3,500||4,500||78,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||0||0||20,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||0||0||28,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||5,000||5,000||5,000||150,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||0||3,000||3,000||47,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||165,000||866,000||1,035,000||10,187,000|
|American Memorial Park 5 Oz Silver Coin||0||0||0||78,000||0||78,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|