Precious metals futures declined Wednesday in their start to July, registering losses ranging from 1.1% for gold to 2.3% for silver. On Tuesday, gold scored its highest settlement in nearly 9 years.
Gold for August delivery fell $20.60 to settle at $1,779.90 an ounce on the Comex division of the New York Mercantile Exchange.
"A renewed sense of optimism over the U.S. economy recovering quicker than expected may fuel the risk-on mood, ultimately denting appetite for safe-haven assets including gold," Reuters quoted FXTM analyst Lukman Otunuga.
Gold futures ranged from a low of $1,767.90 to a high of $1,807.70. On Tuesday, they marked their highest settlement since Sept. 21, 2011, while also closing out June, the second quarter, and first half of 2020 with gains of 2.8%;12.8%; and 18.2%.
Silver for September delivery dropped 41.9 cents to settle at $18.218 an ounce. Silver futures traded between $18.09 and $18.85. On Tuesday, they logged their best close since June 1, while posting June, second quarter, a first half of 2020 with increases of 0.8%; 31.7%; and 4%.
In PGM futures on Wednesday:
October platinum fell $16.80, or 2%, to $834.40 an ounce, ranging from $821 to $865.
- Palladium for September delivery shed $36.20, or 1.8% to $1,930.70 an ounce, trading between $1,915.30 and $1,957.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $2.95, or 0.2%, to $1,771.05 an ounce.
- Silver added 37.5 cents, or 2.1%, to $18.22 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 / July||Last Week||This Week||April||May||June||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||2,000||105,000||5,500||42,500||327,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||6,000||2,000||41,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||0||12,000||2,000||54,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||3,000||28,500||2,500||7,500||126,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||471,000||750,000||490,000||1,378,000||12,596,500|
|$1 American Eagle 1 Oz Platinum Coin*||0||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.