Gold Dips From Over 7-Year High; Other Metals Gain

by CoinNews.net on April 7, 2020 · 0 comments

1000 g gold bars

Gold slipped 0.6% on Tuesday, April 7

Silver, platinum and palladium prices climbed Tuesday. Gold, meanwhile, edged lower after scoring a more than seven-year high on Monday.

Gold for June delivery declined $10.20, or 0.6%, to settle at $1,683.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices are trading modestly down in midday U.S. trading Tuesday, on some mild profit taking in the futures market after prices spiked to a 7.5-year high of $1,742.60 an ounce in overnight trading, basis June Comex futures," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

"The safe-haven metals bulls appeared to have found their sweet spot early this week, as the Covid-19 situation has moved from panic to stabilization, which is encouraging buyers to step back into many markets, including the metals," Wyckoff added.

Gold futures ranged from a low of $1,674.50 to a high of $1,742.60. They gained 2.9% on Monday — ending at their highest settlement since Dec. 17, 2012.

Silver for March delivery rose 31.1 cents, or 2.1%, to settle at $15.48 an ounce. The close was the highest since March 6 when silver ended at $17.263 an ounce. Silver futures traded between $15.27 and $15.93. They rallied 4.7% on Monday.

In other precious metals futures prices on Tuesday:

  • July platinum added $13, or 1.8%, to $745 an ounce, ranging from $732.20 to $750.40.

  • Palladium for June delivery rose $17.50, or 0.8%, to $2,094.30 an ounce, trading between $2,057.60 and $2,207.20.

London Precious Metals Prices (LBMA)

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

  • Gold edged up 95 cents, or 0.06%, to $1,649.25 an ounce.
  • Silver rose 52 cents, or 3.6%, to $15.075 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Tuesday by 6,000 ounces in American Gold Eagles and by 350,000 ounces in American Silver Eagles. Gains in Silver Eagles were their first for the month.

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)
Tuesday / This Week Last Week January February March April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 6,000 43,000 38,000 3,500 133,000 39,500 214,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 23,000 2,000 8,000 0 33,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 18,000 2,000 20,000 0 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 60,000 20,000 95,000 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 0 21,000 1,000 47,500 0 69,500
$1 American Eagle 1 Oz Silver Coin 350,000 650,000 3,846,000 650,000 5,482,500 350,000 10,328,500
$1 American Eagle 1 Oz Platinum Coin 0 25,000 14,500 9,300 31,200 0 55,000

 

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