Precious Metals End Lower in April Start

by CoinNews.net on April 1, 2020 · 0 comments

Three Gold Bullion Bars, Dark Background

Gold futures moved 0.3% lower Wednesday, April 1

Precious metals futures finished lower Wednesday, the first trading day of the month and new quarter. Their losses ranged from 0.3% for gold to 7.1% for palladium.

Gold for June delivery declined $5.20 to settle at $1,591.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since a week ago Monday, March 23.

"The fundamentals remain in favour of bulls because global sentiment remains shaky despite central banks and governments standing together in the fight against COVID-19," MarketWatch quoted Lukman Otunuga, senior market analyst at FXTM. "However, the metal is likely to gyrate within a range ahead of the U.S. jobs report on Friday."

Gold futures ranged from a low of $1,576 to a high of $1,612.40. They dropped 2.8% on Tuesday — marking gains of 1.9% in March and 4.8% in the first quarter of 2020, and they shed 0.7% on Monday.

Silver for March delivery settled down 17.2 cents, or 1.2%, to $13.984 an ounce. The close was also the highest since March 23. Silver futures traded between $13.97 and $14.27. They rose 2% on Tuesday — ending 14% lower for the month of March and registering a 21% decline in the first quarter, and they fell 2.8% on Monday.

In PGM futures on Wednesday:

  • July platinum fell $12.10, or 1.7%, to $717.80 an ounce, ranging from $701.20 to $727.70.

  • Palladium for June delivery dropped $164 to $2,140.80 an ounce, trading between $2,110.50 and $2,288.

London Precious Metals Prices (LBMA)

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

  • Gold declined $32.40, or 2%, to $1,576.55 an ounce.
  • Silver rose 8.5 cents, or 0.6%, to $14.015 an ounce.

US Mint Bullion Sales in 2020

The U.S. Mint has yet to report any bullion sales this week. 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 / This Week Last Week January February March 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 50,000 38,000 3,500 123,500 165,000
$25 American Eagle 1/2 Oz Gold Coin 0 5,000 23,000 2,000 8,000 33,000
$10 American Eagle 1/4 Oz Gold Coin 0 14,000 18,000 2,000 20,000 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 25,000 60,000 20,000 95,000 175,000
$50 American Buffalo 1 Oz Gold Coin 0 2,000 21,000 1,000 47,500 69,500
$1 American Eagle 1 Oz Silver Coin 0 1,650,000 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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