Gold and silver futures settled higher Wednesday, ahead of Independence Day on Thursday when U.S. markets are closed.
Gold for August delivery added $8.50, or 0.7%, to close at $1,251.90 an ounce on the Comex in New York. Gold prices traded through a range from $1,236 to $1,259.30. The precious metal on Tuesday declined $12.30, or 1%, when the U.S. dollar index notched a five-week high. On Wednesday, the greenback slipped and safe-haven demand for gold climbed.
"Gold prices ended the U.S. day session moderately higher Wednesday, on some safe-haven demand amid geopolitical tensions, and on more short-covering and bargain hunting," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note. "A weaker U.S. dollar index Wednesday’s was also a positive for the gold and silver markets."
Silver prices for September delivery rallied 39.1 cents, or 2%, to finish at $19.70 an ounce, ranging from $19.32 to $19.89. The white metal in the prior session lost 26.9 cents, or 1.4%.
PGMs moved opposite of gold and silver:
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Down for a second day, October platinum lost $21, or 1.5%, to $1,346.80 an ounce, trading between $1,341.70 and $1,374.20.
- After rising Tuesday by itself, palladium declined Wednesday. September palladium fell $3.20, or 0.5%, to $685.70 an ounce, ranging from $680.55 to $689.75.
London Fix Precious Metals
London precious metals fixings retreated following two consecutive days of gains. When comparing the Tuesday to PM to Wednesday PM London Fix prices:
- Gold dipped $2.50, or 0.2%, to $1,250.00 an ounce,
- Silver prices shed 7 cents, or 0.4%, to $19.55 an ounce,
- Platinum declined $14, or 1%, to $1,361 an ounce, and
- Palladium slipped $3, or 0.4%, to $684 an ounce
US Bullion Coin Sales in July
United States Mint sales levels for its bullion coins were unchanged Wednesday, for a second straight day, after soaring on Monday. The following are daily, July and year-to-date bullion coin totals as published by the U.S. Mint.
| American Eagle and Buffalo Bullion Coin Sales | ||||
|---|---|---|---|---|
| Wednesday Sales | Last Week | Weekly / July Sales | YTD Sales | |
| $50 American Eagle Gold Bullion Coins | 0 | 12,500 | 12,000 | 556,500 |
| $25 American Eagle Gold Bullion Coins | 0 | 1,000 | 2,000 | 45,000 |
| $10 American Eagle Gold Bullion Coins | 0 | 4,000 | 2,000 | 88,000 |
| $5 American Eagle Gold Bullion Coins | 0 | 10,000 | 10,000 | 425,000 |
| $50 American Buffalo Gold Bullion Coins | 0 | 7,000 | 5,500 | 167,000 |
| White Mountain 5 oz. Silver Bullion Coins | 0 | 0 | 1,000 | 28,000 |
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 0 | 1,000 | 15,200 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 9,900 | 4,300 | 14,200 |
| American Silver Eagle Bullion Coins | 0 | 847,000 | 826,000 | 25,869,500 |
Figures above are in the number of coins sold, not in ounces.
If these prices can only hold for a few more months, so all the gold and silver hoarders can acquire more before they start their inevitable climb to new highs.