Gold futures traded higher Wednesday, for a second straight session, while silver, platinum and palladium declined.
Gold for June delivery tacked on $9.60, or 0.6%, to settle at $1,716.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since last Thursday, May 7.
"Even as we see the potential for gold market liquidation and broad asset market drawdowns in the next 3-6 months, we think gold trading will still mostly hover in a high-$1,600 to mid-$1,700 handle." Citi Research said in a note reported by Reuters.
Gold futures ranged from a low of $1,701.60 to a high of $1,726.50. They rose 0.5% on Tuesday and they lost 0.9% on Monday.
Silver for July delivery declined 3.8 cents, or 0.2%, to settle at $15.671 an ounce. Silver futures traded between $15.54 and $15.91. They gained 0.2% on Tuesday and they declined 0.6% on Monday.
In PGM futures on Wednesday:
July platinum lost $7.60, or 1%, to $769.80 an ounce, ranging from $767.50 to $781.50.
- Palladium for June delivery dropped $44.70, or 2.4%, to $1,790.70 an ounce, trading between $1,747.50 and $1,839.60.
London Precious Metals Prices (LBMA)
In comparing LBMA prices from Tuesday PM to Wednesday PM:
- Gold rose $6, or 0.4%, to $1,708.40 an ounce.
- Silver added 7.5 cents, or 0.5%, to $15.56 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 / This Week||Last Week||April||May||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||105,000||2,000||281,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||5,000||0||5,000||38,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||10,000||0||10,000||50,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||28,500||0||116,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||750,000||0||10,728,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||1,500||0||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.