Gold Ends Near 8-Month Low; Platinum’s Loss First in 8 Sessions

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Precious metals fell Wednesday, logging losses ranging from less than 0.1% for silver to 1.7% for platinum. Platinum’s loss was its first in eight sessions with the prior four marking more than six-year settlement highs. Gold, meanwhile, finished at an almost eight-month low.

Gold for April delivery dropped $26.20, or 1.5%, to settle at $1,772.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold ended at $1,770.60 an ounce on June 25.

"A stronger U.S. dollar index on this day and a deteriorating near-term technical posture in gold emboldened the sellers in the yellow metal today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note. "The gold and silver markets are also seeing limited buying interest in a world that is presently void of a major ‘international incident’ and in which global stock markets are mostly robust."

Gold futures ranged from a low of $1,767.90 to a high of $1,794.20. They lost 1.3% in starting the new trading week on Tuesday.

Silver for March delivery edged down a penny, or 0.04%, to settle at $27.315 an ounce, trading between $26.91 and $27.48. They gave back less than a half cent on Tuesday.

In PGM futures on Wednesday:

  • April platinum declined $21.90 to $1,257.70 an ounce, ranging from $1,231.80 to $1,273. On Tuesday, the metal registered its best settlement since Jan. 22, 2015.

  • Palladium for March delivery fell $18.50, or 0.8%, to $2,369.70 an ounce, trading between $2,358 and $2,392.

London Precious Metals Prices (LBMA)

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

  • Gold declined $13.55, or 0.8%, to $1,780.70 an ounce.
  • Silver dropped 46 cents, or 1.7%, to $27.115 an ounce.

US Mint Bullion Sales in 2021

United States Mint bullion sales increased Wednesday by 70,000 ounces in American Silver Eagles.

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 December January Sales February 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 37,000 10,000 48,500 191,000 111,500 302,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 2,000 22,000 0 22,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 36,000 0 36,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 0 95,000 0 95,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 4,500 10,500 61,500 16,000 77,500
$1 American Eagle 1 Oz Silver Coin 70,000 500,000 680,000 751,000 4,775,000 2,801,000 7,576,000
America Samoa 5 oz Silver Coin* 0 0 0 0 0 0 0
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 0 0
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 0 0
Marsh Billings 5 oz Silver Coin* 0 0 0 0 0 0 0
Tallgrass Prairie 5 oz Silver Coin* 0 0 0 0 0 0 0
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 0 0
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