Gold and silver prices rallied for a second straight session Tuesday. Platinum also gained on the day after fallling on Monday. Palladium, however, fell for a third straight session.
Gold for April delivery jumped $49.60, or 3.1%, to settle at $1,644.40 an ounce on the Comex division of the New York Mercantile Exchange.
"Save-haven demand is featured today as the U.S. Federal Reserve made the risky and surprising move of cutting the key U.S. interest rate by 0.5%," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. ‘The U.S. stock market did not take the news well and the stock indexes were solidly at midday."
Gold futures ranged from a low of $1,585.90 to a high of $1,650.50. They gained 1.8% on Monday. A week ago Monday, Feb. 24, they closed at $1,676.60 an ounce for their highest settlement since Feb. 6, 2013.
Silver for March delivery surged 44.9 cents, or 2.7%, to settle at $17.188 an ounce. Silver futures traded between $16.66 and $17.48. They climbed 1.7% on Monday.
In other precious metals prices on Tuesday:
April platinum rose $9.90, or 1.2%, to $869.30 an ounce, ranging from $859.30 to $882.
- Palladium for June delivery dropped $40.20, or 1.7%, to $2,387.50 an ounce, trading between $2,356 and $2,465.50. On Thursday, palladium scored a record settlement at $2,711.70 an ounce.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold rose $15.85, or 1%, to $1,615.50 an ounce.
- Silver shed 10.5 cents, or 0.6%, to $16.81 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion products logged their first gains of the week and month. Advances included 2,500 ounces in American Gold Eagles; 675,000 ounces in American Silver Eagles; 1,500 ounces in American Platinum Eagles; and 3,000 ounces in American Buffalo Gold coins.
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)|
|Tuesday / This Week / March||December||January||February||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||1,500||2,000||38,000||3,500||43,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||23,000||2,000||25,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||18,000||2,000||20,000|
|$5 American Eagle 1/10 Oz Gold Coin||10,000||0||60,000||20,000||90,000|
|$50 American Buffalo 1 Oz Gold Coin||3,000||1,500||21,000||1,000||25,000|
|$1 American Eagle 1 Oz Silver Coin||675,000||0||3,846,000||650,000||5,171,000|
|$1 American Eagle 1 Oz Platinum Coin||1,500||0||14,500||9,300||25,300|