Gold Jumps 5.6%; Silver Soars 7.1%

by CoinNews.net on March 23, 2020 · 0 comments

Three bullion gold bars

Gold prices surged 5.6% on Monday, March 23

Precious metals futures kicked off the new trading week on Monday with gains ranging from 0.8% for platinum to 7.1% for silver.

Gold for April delivery jumped $83, or 5.6%, to settle at $1,567.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Prices shot from modestly higher levels overnight to sharp gains following an early-morning announcement from the Federal Reserve that the U.S. central bank is very aggressively buying more securities, including mortgage-backed, and also will open up a ‘main street’ lending facility. The Fed used the term ‘unlimited’ on amounts it will spend," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,484.60 to a high of $1,569.30. They lost 2.1% last week.

Silver for March delivery rallied 87.6 cents to settle at $13.261 an ounce. Silver futures traded between $12.29 and $13.33. They plunged last week by 14.6%.

In other precious metals futures Monday:

  • April platinum rose $5 to $627.50 an ounce, ranging from $594.60 to $651.10.

  • Palladium for June delivery added $16.70, or 1.1%, to $1,556.90 an ounce, trading between $1,483.30 and $1,615.10.

Last week, platinum lost 16.3% while palladium rose 2.1%.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold gained $31, or 2.1%, to $1,525.40 an ounce.
  • Silver declined 12 cents, or 1%, to $12.51 an ounce.

In LBMA results last week, metal prices fell by 4.4% for gold, 19.9% for silver, 21.5% for platinum, and 6.3% for palladium.

US Mint Bullion Sales in 2020

Demand for United States Mint bullion products remains strong. The Mint’s bullion sales on Monday advanced by a combined 38,000 ounces in gold coins and 1.65 million ounces in silver 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)
Monday Last Week January February March 2020 Sales
$50 American Eagle 1 Oz Gold Coin 29,000 68,500 38,000 3,500 102,500 144,000
$25 American Eagle 1/2 Oz Gold Coin 5,000 3,000 23,000 2,000 8,000 33,000
$10 American Eagle 1/4 Oz Gold Coin 14,000 6,000 18,000 2,000 20,000 40,000
$5 American Eagle 1/10 Oz Gold Coin 20,000 55,000 60,000 20,000 90,000 170,000
$50 American Buffalo 1 Oz Gold Coin 1,000 40,500 21,000 1,000 46,500 68,500
$1 American Eagle 1 Oz Silver Coin 1,650,000 862,500 3,846,000 650,000 4,832,500 9,328,500
$1 American Eagle 1 Oz Platinum Coin 0 0 14,500 9,300 6,200 30,000

 

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