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|