Gold Marks First Loss In 11 Sessions; Palladium Surges to Fresh Record

by CoinNews.net on January 8, 2020 · 0 comments

Gold Bullion, five bars

Gold futures shed 0.9% on Wednesday, Jan. 8

Palladium advanced for another record Wednesday while gold, silver and platinum declined. Gold’s loss was its first in eleven sessions.

Gold for February delivery fell $14.10, or 0.9%, to settle at $1,560.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Expectations are that we’re not going to see a war, so you might see some softness. The rest of the catalysts remain in place for gold," Reuters quoted Edward Moya, a senior market analyst at OANDA.

"We could see some weakness down to $1,550, but in the end we are likely to see prices continue to march higher to $1,640 in the short term."

Gold futures ranged from a low of $1,553.90 to a high of $1,613.30. They rose 0.4% on Tuesday, marking their highest settlement since Apri. 9, 2013, and they gained 1.1% on Monday.

Silver for March delivery declined 22.6 cents, or 1.2%, to settle at $18.167 an ounce. Silver futures traded between $18.08 and $18.90. They moved up 1.2% on Tuesday, logging their highest close since Sept. 24, and they edged ahead 0.2% on Monday.

In PGM futures on Wednesday:

  • April platinum slipped $7.80, or 0.8%, to $963.80 an ounce, ranging from $957.20 to $982.30.

  • Palladium for March delivery surged $47.10, or 2.3%, to a record settlement of $2,061.40 an ounce. Palladium traded between $1,990 and $2,068.50.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold rose $4.10, or 0.3%, to $1,571.95 an ounce.
  • Silver gained 27.5 cents, or 1.5%, to $18.42 an ounce.

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 / This Week Last Week November December 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 8,000 2,000 108,000
$25 American Eagle 1/2 Oz Gold Coin* 0 0 5,000 0 30,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 38,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 195,000
$50 American Buffalo 1 Oz Gold Coin 0 0 5,000 1,500 61,500
$1 American Eagle 1 Oz Silver Coin 0 0 463,000 0 14,863,500
Frank Church River of No Return Wilderness 5 Oz Silver Coin 0 0 20,000 5,000 25,000
San Antonio Missions 5 Oz Silver Coin 0 0 0 0 55,200
War in the Pacific 5 Oz Silver Coin 0 0 0 0 72,500
American Memorial Park 5 Oz Silver Coin* 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

 

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