Gold Climbs From Three-Week Low For First Gain In Four Sessions

by CoinNews.net on June 4, 2020 · 0 comments

Gold Changed Slightly This Week

Gold prices rose 1.3% on Thursday, June 4

In futures action Thursday, gold, silver and platinum finished higher while palladium settled lower. Gold’s gain was its first in four sessions and after marking a three-week settlement low on Wednesday.

Gold for August delivery bounced $22.60, or 1.3%, to end at $1,727.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Equity markets are still trading in the red and for gold market participants, that’s interpreted as a bout of risk-off and is leading to an increase in investment demand," Reuters quoted Daniel Ghali, commodity strategist at TD Securities.

Gold futures ranged from a low of $1,698.90 to a high of $1,729. They gave back 1.7% on Wednesday — posting their lowest settlement since May 11, they lost 0.9% on Tuesday, and they shed 0.08% on Monday. On Friday, at $1,751.70 an ounce they registered their highest finish since April 14.

Silver for July delivery rose 10.3 cents, or 0.6%, to close at $18.061 an ounce. Silver futures traded between $17.78 and $18.13. They declined 1.7% on Wednesday, they dropped 3% on Tuesday, and they rose 1.8% on Monday — logging their highest settlement since Feb. 24.

In other precious metals futures prices Thursday:

  • July platinum added $4.50, or 0.5%, to $865 an ounce, ranging from $845.10 to $871.60.

  • Palladium for September delivery dropped $35.40, or 1.8%, to $1,922.80 an ounce, trading between $1,832.20 and $1,963.

London Precious Metals Prices (LBMA)

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

  • Gold declined $5.30, or 0.3%, to $1,700.05 an ounce.
  • Silver fell 11 cents, or 0.6%, to $17.75 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Thursday following two straight days of gains in American Eagle gold and silver coins.

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 April May This Week / June 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 2,000 105,000 5,500 2,000 287,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 6,000 0 39,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 12,000 0 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 28,500 2,500 0 118,500
$1 American Eagle 1 Oz Silver Coin 0 0 750,000 490,000 450,000 11,668,500
$1 American Eagle 1 Oz Platinum Coin 0 0 1,500 0 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.

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