Gold and Silver Surge Tuesday, March 3

by CoinNews.net on March 3, 2020 · 0 comments

9999 gold bullion

Gold settled up 3.1% on Tuesday, March 3

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 ounceĀ 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

 

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