Gold Settles at 10-Day High

by CoinNews.net on April 23, 2020 · 0 comments

Gold bullion

Gold prices rose 0.4% on Thursday, April 23

Precious metals moved ahead Thursday with gains ranging from 0.1% for silver to 5.8% for palladium. Gold finished at a 10-day high.

Gold for June delivery rose $7.10, or 0.4%, to close at $1,745.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since April 14.

"In a direct opposite to the glut in the oil market, physical gold is seeing a shortage and so the price on the ‘nearest to deliver’ futures contract is experiencing sporadic $50+ surges in premiums relative to spot," wrote Albert Edwards, global strategist at Société Générale, in a Thursday research note reported by MarketWatch.

Gold futures ranged from a low of $1,730.60 to a high of $1,764.20. They gained 3% on Wednesday, they fell 1.4% on Tuesday — marking their worst finish since April 8, and they rose 0.7% on Monday.

Silver for May delivery added 2.2 cents to settle at $15.357 an ounce. Silver futures traded between $15.20 and $15.72. They jumped 3.1% on Wednesday, they tumbled 4.7% on Tuesday — logging their lowest close since April 3, and they gained 2.1% on Monday.

In other precious metals futures prices Thursday:

  • July platinum advanced $22.70, or 3%, to $788 an ounce, ranging from $766.70 to $814.30.

  • Palladium for June delivery surged $108.80 to $2,001 an ounce, trading between $1,852.10 and $2,046.80.

London Precious Metals Prices (LBMA)

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

  • Gold gained $25.70, or 1.5%, to $1,736.25 an ounce.
  • Silver advanced 39.5 cents, or 2.7%, to $15.305 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Thursday. In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported.

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 April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 11,000 20,000 38,000 3,500 133,000 76,500 251,000
$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 4,000 5,500 21,000 1,000 65,500 9,500 97,000
$1 American Eagle 1 Oz Silver Coin 0 0 0 3,846,000 650,000 5,482,500 350,000 10,328,500
$1 American Eagle 1 Oz Platinum Coin 0 1,500 0 14,500 9,300 31,200 1,500 56,500

 

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