Gold Gains 1.1% While Other Metal Prices Decline

by CoinNews.net on March 26, 2020 · 0 comments

One gold bullion bar and graph

Gold futures rose Thursday, March 26, for their fifth gain in six sessions

Swapping directional movements from the prior session, gold prices gained on Thursday while silver, platinum and palladium declined.

Gold for April delivery tacked on $17.80, or 1.1%, to settle at $1,651.20 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices are trading solidly up in midday U.S. trading Thursday, on some safe-haven demand and some chart-based buying despite strong gains in the U.S. stock market," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "Reason: The gold bulls are this week more confident to get out of some cash and do some buying of the safe-haven metal, still reckoning there will be rough seas ahead in the marketplace in the coming weeks, or longer."

Gold futures on the day ranged from a low of $1,611 to a high of $1,672.50. They declined 1.7% on Wednesday, they surged 6% on Tuesday — posting their highest finish since March 6, and they jumped 5.6% on Monday. The yellow for the week so far is ahead 11.2%.

Silver for March delivery declined 19.7 cents, or 1.3%, to close at $14.676 an ounce. Silver futures traded between $14.40 and $14.98. They jumped 4.3% on Wednesday, they rallied 7.5% on Tuesday, and they soared 7.1% on Monday. Silver prices are 18.5% higher on the week.

In other precious metals prices Thursday:

  • April platinum fell $8.40, or 1.1%, to $737.10 an ounce, ranging from $704.90 to $747.20. Platinum is up 18.4% for the week to date.

  • Palladium for June delivery declined $21.50, or 1%, to $2,226.10 an ounce, trading between $2,108 and $2,300. On the week, the metal is ahead $685.90 or 44.5%.

London Precious Metals Prices (LBMA)

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

  • Gold rose $29.35, or 1.8%, to $1,634.80 an ounce.
  • Silver added 45 cents, or 3.2%, to $14.415 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged. 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 68,500 50,000 38,000 3,500 123,500 165,000
$25 American Eagle 1/2 Oz Gold Coin 0 3,000 5,000 23,000 2,000 8,000 33,000
$10 American Eagle 1/4 Oz Gold Coin 0 6,000 14,000 18,000 2,000 20,000 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 55,000 250,000 60,000 20,000 95,000 175,000
$50 American Buffalo 1 Oz Gold Coin 0 40,500 2,000 21,000 1,000 47,500 69,500
$1 American Eagle 1 Oz Silver Coin 0 862,500 1,650,000 3,846,000 650,000 4,832,500 9,328,500
$1 American Eagle 1 Oz Platinum Coin 0 0 0 14,500 9,300 6,200 30,000

 

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