Gold Marks First Loss in Three Sessions; Silver Extends Wins

by CoinNews.net on March 4, 2020 · 0 comments

Gold and Silver Bullion, Gold Nugget

Gold futures shed less than 0.1% on Wednesday, March 4

Silver prices advanced Wednesday for a third straight day while gold declined for the first time since Friday. Platinum gained for a second day in a row. Palladium, meanwhile, fell for a fourth straight session after having notched a record on Thursday.

Gold for April delivery dipped $1.40, or 0.09%, to settle at $1,643 an ounce on the Comex division of the New York Mercantile Exchange.

"The Fed has given gold bulls a shot in the arm, as rising expectations for more coordinated policy easing by global central banks offer fresh upside to bullion prices," MarketWatch quoted Han Tan, market analyst at FXTM. "Even if the human toll from the coronavirus outbreak were to stabilize over the immediate term, investors still have to wait to find out what the eventual global economic cost is over the coming months. Gold is expected to remain supported amid such drawn-out uncertainties."

Gold futures ranged from a low of $1,632.60 to a high of $1,654.30. They jumped 3.1% on Tuesday and 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 settled up 5.8 cents, or 0.3%, to $17.246 an ounce. Silver futures traded between $17.07 and $17.34. They surged 2.7% on Tuesday and they climbed 1.7% on Monday.

In PGM future prices on Wednesday:

  • April platinum added $5.90, or 0.7%, to $875.20 an ounce, ranging from $866.60 to $889.40.

  • Palladium for June delivery shed $2.50, or 0.1%, to $2,385 an ounce, trading between $2,322.10 and $2,472. 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 Tuesday PM to Wednesday PM:

  • Gold gained $26.35, or 1.6%, to $1,641.85 an ounce.
  • Silver jumped 44 cents, or 2.6%, to $17.25 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Wednesday by 75,000 ounces in American Silver Eagles. 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)
Wednesday December January February This Week / March 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,000 38,000 3,500 1,500 43,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 23,000 2,000 0 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 18,000 2,000 0 20,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 60,000 20,000 10,000 90,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 21,000 1,000 3,000 25,000
$1 American Eagle 1 Oz Silver Coin 75,000 0 3,846,000 650,000 750,000 5,246,000
$1 American Eagle 1 Oz Platinum Coin 0 0 14,500 9,300 1,500 25,300

 

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments