Precious metals declined Wednesday following gains in the prior session. Gold’s loss was its sixth in seven sessions.
Gold for April delivery gave back $17.80, or 1%, to settle at $1,715.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold finished at $1,705.10 an ounce on June 8.
"Gold is once again ignoring everything else but those bond yields," Fawad Razaqzada, market analyst at ThinkMarkets, told MarketWatch. "As yields continue to rise, so do the opportunity cost of holding non-interest-bearing assets like gold."
Gold futures ranged from a low of $1,699.40 to a high of $1,739.10. They added 0.6% on Tuesday and they declined 0.3% on Monday.
Silver for May delivery lost 49.2 cents, or 1.8% to settle at $26.387 an ounce. The close was silver’s weakest since it ended at $26.234 an ounce on Feb. 4. Silver futures traded between $25.87 and $26.92. They climbed 0.8% on Tuesday and they gained 0.9% on Monday.
In PGM futures on Wednesday:
April platinum fell $32.60, or 2.7%, to $1,181.80 an ounce, ranging from $1,165.80 to $1,217.80.
- Palladium for June delivery fell $14.20, or 0.6%, to $2,354.40 an ounce, trading between $2,325.50 and $2,377.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $12.45, or 0.7%, to $1,711.40 an ounce.
- Silver added 32.5 cents, or 1.2%, at $26.585 an ounce.
US Mint Bullion Sales in 2021
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 / March||January Sales||February Sales||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,500||3,500||191,000||121,000||315,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||9,000||0||22,000||9,000||31,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||20,000||36,000||0||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||95,000||0||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||0||61,500||16,000||77,500|
|$1 American Eagle 1 Oz Silver Coin||0||390,500||761,000||4,775,000||3,191,500||8,727,500|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0||0|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||0||0||0|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0|