Precious metals futures stepped lower Wednesday, registering losses ranging from 3.1% for gold to 9.1% for platinum. Gold posted a fresh low for the year.
Gold for April delivery dropped $47.90, or 3.1%, to settle at $1,477.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Dec. 12 when gold ended at $1,472.30 an ounce.
"Gold continues to suffer from risk-off panics in the market, trading back below $1,500 level as S&P futures gave up stimulus-driven gains," Reuters quoted Tai Wong, head of base and precious metals derivatives trading at BMO. "Liquidity here, as in most markets, is deeply compromised and we expect to see continuing volatility, mood-driven swings."
Gold futures ranged from a low of $1,473.30 to a high of $1,547. They advanced 2.6% on Tuesday and they lost 2% on Monday.
Silver for March delivery tumbled 72.3 cents, or 5.8%, to settle at $11.772 an ounce. The close was the lowest since January 2009. Silver futures traded between $11.64 and $12.91. They declined 2.5% on Tuesday and they sank 11.6% on Monday.
In PGM futures on Wednesday:
April platinum fell $60.30, or 9.1%, to $605 an ounce, ranging from $603.40 to $681.80.
- Palladium for June delivery lost $89.90, or 6%, to $1,419.80 an ounce, trading between $1,410.80 and $1,548.50.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $38, or 2.5%, to $1,498.20 an ounce.
- Silver shed 2 cents, or 0.2%, to $12.42 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Wednesday following strong gains on Tuesday and Monday.
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||Last Week||This Week||January||February||March||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||3,500||43,000||38,000||3,500||48,000||89,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||2,000||23,000||2,000||2,000||27,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||6,000||18,000||2,000||6,000||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||55,000||60,000||20,000||70,000||150,000|
|$50 American Buffalo 1 Oz Gold Coin||0||2,000||15,500||21,000||1,000||20,500||42,500|
|$1 American Eagle 1 Oz Silver Coin||0||1,570,000||792,500||3,846,000||650,000||3,112,500||7,608,500|
|$1 American Eagle 1 Oz Platinum Coin||0||3,200||0||14,500||9,300||6,200||30,000|