Precious metals futures logged losses Wednesday that ranged from 1.6% for gold to 3.9% for silver. Gold’s loss was its first in five sessions. The yellow metal ended at a more than seven-year high on Tuesday.
Gold for June delivery fell $28.70 to settle at $1,740.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver futures prices are trading solidly lower in midday U.S. trading Wednesday, on normal downside corrections from recent strong gains that saw gold prices hit a 7.5-year high, at $1,788.80, on Tuesday, basis June Comex futures," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. " Big gains in markets can also produce big, normal corrective pullbacks in still-strong price uptrends. Bulls in both metals are still enjoying the firm technical advantage on the charts."
Gold futures ranged from a low of $1,731.60 to a high of $1,759.80. They gained 0.4% on Tuesday — ending at their highest price since Oct. 11, 2012, and they rose 0.5% on Monday.
Silver for May delivery sank 62.5 cents to settle at $15.505 an ounce. Silver futures traded between $15.48 and $16.08. They rallied 3.8% on Tuesday — closing at their best price since March 6, and they declined 3.2% on Monday.
In PGM futures on Wednesday:
July platinum shed $15.10, or 1.8%, to $804.60 an ounce, ranging from $796.40 to $831.90.
- Palladium for June delivery declined $31.80, or 1.5%, to $2,153.60 an ounce, trading between $2,100 and $2,204.80.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $23.25, or 1.3%, to $1,718.65 an ounce.
- Silver rose 6 cents, or 0.4%, to $15.57 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Wednesday following gains in gold, silver and platinum coins on Tuesday.
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||Last Week||This Week||January||February||March||April||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||12,000||11,000||38,000||3,500||133,000||56,500||231,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||23,000||2,000||8,000||0||33,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||18,000||2,000||20,000||0||40,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||60,000||20,000||95,000||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||4,000||21,000||1,000||47,500||4,000||73,500|
|$1 American Eagle 1 Oz Silver Coin||0||350,000||0||3,846,000||650,000||5,482,500||350,000||10,328,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||1,500||14,500||9,300||31,200||1,500||56,500|