Precious metals futures moved ahead Wednesday, marking gains ranging from 0.2% for platinum to 2.3% for palladium. Palladium logged another settlement record — its third in a row. Gold and silver, meanwhile, climbed from two-week lows.
Gold for December delivery increased $10.50, or 0.7%, to settle at $1,494 an ounce on the Comex division of the New York Mercantile Exchange.
"From a technical point of view, we are in a sideways phase even though the short-term trend appears negative as the highs seen in the last two months are declining ($1,550 – $1,533 – $1,520)," Carlo Alberto De Casa, chief analyst at ActivTrades, wrote in a daily research report according to MarketWatch.
"Meanwhile, buyers have managed so far to maintain the price above $1,470, holding off any sharp declines and demonstrating that there remains some appetite for the yellow metal," he wrote.
Gold futures ranged from a low of $1,480.60 to a high of $1,495.50. They lost 0.9% on Tuesday, for their lowest settlement since Sept. 30, and they moved up 0.6% on Monday.
Silver for December delivery rose 4.3 cents, or 0.3%, to close at $17.427 an ounce. Silver futures traded between $17.18 and $17.49. They dropped 1.8% on Tuesday, for their weakest close since Oct. 1, and they gained 1% on Monday.
In PGM futures Wednesday:
January platinum added $1.50 to $890.70 an ounce, ranging from $880.10 to $895.
- Palladium for December delivery surged $38.40 to a record settlement of $1,735 an ounce. Palladium traded between $1,686.70 and $1,744.70.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $2.70, or 0.2%, to $1,485.10 an ounce.
- Silver sank 41.5 cents, or 2.4%, to $17.255 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint 2019 Bullion Sales
United States Mint bullion sales were unchanged. 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||September||October||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||4,500||3,500||8,000||98,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||1,000||1,000||25,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||2,000||4,000||34,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||10,000||5,000||10,000||20,000||190,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||3,000||2,500||3,000||55,000|
|$1 American Eagle 1 Oz Silver Coin||0||255,000||389,500||1,021,000||924,500||14,214,000|
|San Antonio Missions 5 Oz Silver Coin||0||12,500||500||37,700||17,500||55,200|
|War in the Pacific 5 Oz Silver Coin||0||500||0||2,500||500||72,500|
|American Memorial Park 5 Oz Silver Coin*||0||0||0||0||0||80,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|