In futures dealings Monday following holiday-shortened trading last week, silver declined while gold, platinum and palladium gained. Gold scored a fresh, more than seven-year high.
Gold for June delivery rose $8.60, or 0.5%, to settle at $1,761.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest for gold since it ended at $1,770.60 an ounce on Oct. 11, 2012.
"COVID-19’s deflationary effect has been a headwind for gold. But this trend should reverse in 2H20 as policy responses by governments and central banks gather traction," UBS analysts said in a note reported by Reuters.
"Led by Fed easing, we now expect real U.S. interest rates to dip deeper into negative territory and perhaps even test the post-GFC (global financial crisis) lows," UBS said.
Gold futures ranged from a low of $1,724.20 to a high of $1,769.50. They rallied 6.5% last week.
Silver for May delivery fell 51.6 cents, or 3.2%, to settle at $15.537 an ounce. Silver futures traded between $15.38 and $15.98. They soared 10.8% last week, ending Thursday at their highest point since March 6.
In other precious metals prices on Monday:
July platinum edged up $1.20, or 0.2%, to $749.80 an ounce, ranging from $741.60 to $756.30.
- Palladium for June delivery advanced $60.70, or 2.9%, to $2,170.70 an ounce, trading between $2,045.70 and $2,220.
Last week, platinum gained 4.3% and palladium rose 0.2%.
London Precious Metals Prices (LBMA)
London markets shut down for Good Friday and Easter Monday holiday. The most recent price changes from Wednesday PM to Thursday PM had:
- Gold rising $32.85, or 2%, to $1,680.65 an ounce.
- Silver gaining 11 cents, or 0.7%, to $15.175 an ounce.
- Platinum falling $6, or 0.8%, to $735 an ounce.
- Palladium dropping $14, or 0.6%, to $2,166 an ounce.
In LBMA results for last week, metal prices gained — 4.2% for gold, 5.5% for silver, 2.9% for platinum, and 1.2% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased on Monday by 9,000 ounces in American Gold Eagles. 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||April||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||9,000||12,000||38,000||3,500||133,000||54,500||229,000|
|$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||0||350,000||3,846,000||650,000||5,482,500||350,000||10,328,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||14,500||9,300||31,200||0||55,000|