Precious metals split Wednesday with gold and platinum rising and silver and palladium falling. Gold’s gain was its second in a row. The yellow metal ended at a more than one-week high.
Gold for February delivery rose $11.30, or 0.6%, to settle at $1,830.00 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Nov. 23.
"Gold futures prices are higher in midday trading Wednesday, on some impressive follow-through strength from the big gains posted Tuesday. Short covering in the futures market and perceived bargain buying in the cash market were featured again today. A slumping U.S. dollar index that today hit a 2.5-year low is also a bullish element for the metals markets. Solid gains in the crude oil market today were also friendly for the metals," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.
Gold futures ranged from a low of $1,810.50 to a high of $1,835. They jumped 2.1% on Tuesday and they declined 0.4% on Monday, marking their lowest settlement since July 1 and ending the month of November with a 5.3% loss.
Silver for March delivery dipped a penny, or 0.04%, to close at $24.08 an ounce. Silver futures traded between $23.68 and $24.46. They soared 6.6% on Tuesday and they slipped 0.2% on Monday, logging their weakest finish since July 21 and posting a 4.5% loss for November.
In PGM futures on Wednesday:
January platinum added $8.20, or 0.8%, to $1,012.10 an ounce, ranging from $968.10 to $1,023.50.
- Palladium for March delivery fell $21.50, or 0.9%, to $2,408.20 an ounce, trading between $2,383.10 and $2,440.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $11.85, or 0.7%, to $1,822.60 an ounce.
- Silver gained 44.5 cents, or 1.9%, to $23.98 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. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Wednesday||Last Week||This Week||October||November||December||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||18,500||10,500||64,500||77,000||4,500||703,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||6,000||4,000||0||68,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||8,000||10,000||0||106,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||5,000||25,000||35,000||0||350,000|
|$50 American Buffalo 1 Oz Gold Coin||0||5,500||6,500||19,500||23,500||3,500||235,000|
|$1 American Eagle 1 Oz Silver Coin||0||825,000||800,000||3,397,000||4,805,000||276,000||29,614,500|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|