Gold Scores 7-Year High; Palladium Posts New Record

Gold Changed Slightly This Week
Gold finished at its best price since Feb. 14, 2013

Most precious metals futures advanced Thursday. Platinum ended at yet another record and gold stretched its session gains to six in a row, stopping at a seven-year high.

Gold for April delivery added $8.70, or 0.5%, to close at $1,620.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Feb. 14, 2013 when gold finished at $1,635.50 an ounce.

"Featured this week in the precious metals markets is a marked uptick in safe-haven demand as the negative economic consequences from the coronavirus outbreak appear to be increasing," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "A sell-off in the U.S. stock market today worked to push the precious metals to daily highs in late-morning trading."

Gold futures ranged from a low of $1,606.60 to a high of $1,626.50. They gained 0.5% on Wednesday and they climbed 1.1% in their start to the holiday-shortened trading week on Tuesday.

Silver for March delivery edged up nearly a cent, or 0.04%, to end at $18.319 an ounce. The finish was the highest since Jan. 7 when silver closed at $18.393 an ounce. Silver futures traded between $18.20 and $18.44. They advanced 0.8% on Wednesday and they surged 2.4% on Tuesday.

In other precious metal futures prices Thursday:

  • April platinum dropped $25.50, or 2.5%, to $979 an ounce, ranging from $974.40 to $1,014.

  • Palladium for March delivery inched up $2.70, or 0.1%, to a record settlement of $2,573.90 an ounce. Palladium traded between $2,545.60 and $2,674.20.

London Precious Metals Prices

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

  • Gold rose $14.80, or 0.9%, to $1,619 an ounce.
  • Silver added 4 cents, or 0.2%, to $18.385 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


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