Gold, silver and platinum futures declined in the mid-week trading session Wednesday. Palladium rose slightly on the day after dropping on Monday and Tuesday by a combined 7%.
Gold for June delivery declined $22.10, or 1.3%, to settle at $1,688.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since April 21.
"The precious metal appears to be feeling the negative pressure of bearish outside market forces today that include lower crude oil prices and a higher U.S. dollar index. The U.S. stock market also lost its early gains, which may have also weighed on gold. Recently, the gold market has traded in tandem with the U.S. stock indexes on some days," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.
Gold futures ranged from a low of $1,683 to a high of $1,716.60. They shed 0.2% on Tuesday and they rose 0.7% on Monday.
Down for an eighth time in nine sessions, silver for July delivery lost 9.5 cents, or 0.6%, to settle at $15.015 an ounce. Silver futures traded between $15.01 and $15.39. They advanced 2.1% on Tuesday and they declined 1% on Monday, marking their lowest close since April 3.
In PGM futures on Wednesday:
July platinum fell $19.20, or 2.5%, to $765.50 an ounce, ranging from $757.70 to $785.50.
- Palladium for June delivery added $2.40, or 0.1%, to $1,758.90 an ounce, trading between $1,735 and $1,793.10.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $8.05, or 0.5%, to $1,691.50 an ounce.
- Silver rose 32.5 cents, or 2.2%, to $15.075 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Wednesday. 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 / May||January||February||March||April||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||12,500||0||38,000||3,500||133,000||105,000||279,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||5,000||23,000||2,000||8,000||0||38,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||10,000||18,000||2,000||20,000||0||50,000|
|$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||12,500||0||21,000||1,000||65,500||28,500||116,000|
|$1 American Eagle 1 Oz Silver Coin||0||400,000||0||3,846,000||650,000||5,482,500||750,000||10,728,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||0||14,500||9,300||31,200||1,500||56,500|
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.