Precious metals reversed course on Wednesday from Tuesday with gold, silver and platinum gaining and palladium falling after hitting a record settlement.
Gold for April delivery rose $7.30, or 0.5%, to finish at $1,562.80 an ounce on the Comex division of the New York Mercantile Exchange.
"Some short covering in the futures market and bargain hunting in the cash market are featured after prices overnight fell to a three-week low," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "Still, the safe-haven metals continue to be hamstrung by rallies in global stock markets this week and an appreciating U.S. dollar."
Gold futures ranged from a low of $1,551.10 to a high of $1,566.20. They dropped 1.7% on Tuesday and they shed 0.4% on Monday. As recently as Thursday, they finished at their highest price since April 1, 2013.
Silver for March delivery added 4.1 cents, or 0.2%, to settle at $17.602 an ounce. Silver futures traded between $17.46 and $17.71. They declined 0.6% on Tuesday and they fell 1.9% on Monday.
In PGM futures on Wednesday:
April platinum jumped $21, or 2.2%, to $987.10 an ounce, ranging from $963.50 to $983.
- Falling from its record settlement on Tuesday, palladium for March delivery shed $8.90, or 0.4%, to $2,326.70 an ounce. The metal traded between $2,318 and $2,400.10.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold fell $5.05, or 0.3%, to $1,553.30 an ounce.
- Silver declined 11 cents, or 0.6%, to $17.62 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged according to available figures from the Mint’s website. 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)|
|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|