Gold Edges Higher; Silver and Palladium Jump

by CoinNews.net on March 19, 2020 · 0 comments

Gold bullion, Three Bars

Gold prices inched higher Thursday, March 19

In futures trading Thursday, gold, silver and palladium gained while platinum declined. On Wednesday, gold logged its lowest close this year and silver finished at its worst level since January 2009.

Gold for April delivery edged up $1.40, or 0.09%, to settle at $1,479.30 an ounce on the Comex division of the New York Mercantile Exchange.

"We do think that gold has seen consistent cushioning from those unwilling to give up on the idea of gold and silver ‘eventually’ getting safe haven buying," analysts at Zaner Metals wrote in a daily note reported by MarketWatch. "However for the time being, the primary safe haven instrument (at times the only safe haven instrument) has been the dollar and, therefore, we are highly suspicious of further gains in precious metals particularly and silver."

Gold futures ranged from a low of $1,460.10 to a high of $1,502.80. They dropped 3.1% on Wednesday — registering their lowest settlement since Dec. 12, they advanced 2.6% on Tuesday, and they lost 2% on Monday.

Silver for March delivery jumped 36.2 cents, or 3.1%, to settle at $12.134 an ounce. Silver futures traded between $11.76 and $12.33. They tumbled 5.8% on Wednesday — ending at their lowest point since Jan. 22, 2009, they declined 2.5% on Tuesday, and they sank 11.6% on Monday.

In other precious metals futures prices on Thursday:

  • April platinum fell $8.20, or 1.4%, to $596.80 an ounce, ranging from $585.30 to $648.40.

  • Palladium for June delivery rallied $109.70, or 7.7%, to $1,529.40 an ounce, trading between $1,370 and $1,596.

London Precious Metals Prices

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

  • Gold declined $23.95, or 1.6%, to $1,474.25 an ounce.
  • Silver fell 41.5 cents, or 3.3%, to $12.005 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged for a second day in a row following strong gains on Monday and Tuesday.

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)
Thursday 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

 

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