Precious metals jumped Tuesday in their start to the new trading week. U.S. markets closed Monday for Presidents Day. In notable metal milestones, silver marked its strongest finish since early January, gold scored its biggest close since early 2013, and palladium registered another new record.
Gold for April delivery tacked on $17.20, or 1.1%, to end at $1,603.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since March 27, 2013 when gold finished at $1,607.20 an ounce.
"Gold is finding buoyancy from increased risk aversion, as reflected also in falling stock markets and declining bond yields. The gold price is continuing to defy the firm U.S. dollar, which on a trade-weighted basis is priced at a 4½-month high," MarketWatch quoted Carsten Fritsch, analyst at Commerzbank, in a note.
Gold futures ranged from a low of $1,581.80 to a high of $1,608.20. They climbed 0.8% last week.
Silver for March delivery surged 41.6 cents, or 2.4%, to end at $18.15 an ounce. The finish was the highest since Jan. 8 when prices ended at $18.167 an ounce. Silver futures traded between $17.67 and $18.21. They rose 0.2% last week.
In other precious metals prices on Tuesday:
April platinum advanced $25.10, or 2.6%, to $993.90 an ounce, ranging from $966 to $996.40.
- Palladium for March delivery soared $180.90, or 7.8%, to a record settlement of $2,497.60 an ounce. Palladium traded between $2,331.80 and $2,504.50.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold rose $9.05, or 0.6%, to $1,589.85 an ounce.
- Silver added 8.5 cents, or 0.5%, to $17.885 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|