Gold Ends At More Than Two-Week Low, Palladium Bounces To Record

by CoinNews.net on February 4, 2020 · 0 comments

Five layered gold bars

Gold futures settled at their lowest price since Jan. 16

Gold, silver and platinum prices declined Tuesday while palladium rebounded to a record settlement. Gold closed at its worst level in more than two weeks.

Gold for April delivery dropped $26.90, or 1.7%, to close at $1,555.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since Jan. 16.

"The dramatic move in global equity markets, especially in the U.S. markets, clearly indicates there is lesser concern about coronavirus denting GDP and we have a lesser need for safe havens," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

Gold futures ranged from a low of $1,552.80 to a high of $1,584.50. They shed 0.4% on Monday. As recently as Thursday, they finished at their highest price since April 1, 2013.

Silver for March delivery fell 10.9 cents, or 0.6%, to settle at $17.561 an ounce. Silver futures traded between $17.59 and $17.77. They fell 1.9% on Monday.

In other precious metals prices on Tuesday:

  • April platinum shed $4.60, or 0.5%, to $966.10 an ounce, ranging from $960.90 to $985.30.

  • Palladium for March delivery soared $102.10, or 4.6%, to $2,335.60 an ounce, matching the Jan. 22 all-time record settlement. Palladium traded between $2,226.90 and $2,343.60.

London Precious Metals Prices

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

  • Gold fell $16.40, or 1%, to $1,558.35 an ounce.
  • Silver declined 4 cents, or 0.2%, to $17.73 an ounce.

US Mint Bullion Sales in 2020

The United States Mint on Tuesday adjusted its bullion sales for January. The agency also showed, for the first time, sales of 2020-dated American Platinum Eagles. Below are their sales breakdowns.

US Mint Bullion Sales (# of coins)
This Week / February November December 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 8,000 2,000 38,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 0 23,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 18,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 60,000
$50 American Buffalo 1 Oz Gold Coin 0 5,000 1,500 21,000
$1 American Eagle 1 Oz Silver Coin 0 463,000 0 3,846,000
$1 American Eagle 1 Oz Platinum Coin 0 463,000 0 14,500

 

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