Gold, silver and other precious metals settled higher Wednesday after news broke of a U.S. Senate deal to end the government shutdown and avoid defaulting on the nation’s debt.
Gold for December delivery gained $9.10, or 0.7%, to settle at $1,282.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from a low of $1,268.60 to a high of $1,289.20. On Tuesday, the precious metal dipped $3.40, or 0.3%.
"The rally in gold after the budget/debt deal became apparent is a classic ‘sell the rumor, buy the fact’ scenario that many times plays out in markets," Jim Wyckoff, a senior analyst at Kitco Inc., said in a daily note.
"Markets many times factor into their prices expected fundamental news events well before they ever occur. Then markets can see corrective price reversals when the event actually does occur. It’s another example of how markets can and do frustrate large numbers of traders."
In other New York precious metals futures on Wednesday:
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Silver for December delivery added 17.4 cents, or 0.8%, to $21.37 an ounce, trading between $21.20 and $21.45. Silver shed 16.3 cents, or 0.8%, in the prior session.
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January platinum rose $14.80, or 1.1%, to $1,398.20 an ounce, ranging from $1,378.70 to $1,402.00. On Tuesday, platinum lost a dime.
- Rising for the fourth time in five sessions, palladium for December climbed $7.25, or 1%, to $713.55 an ounce. It traded between $704.15 and $719.75. Palladium declined $8.95, or 1.3%, in the prior session.
London Fix Precious Metals
London precious metals were higher as well. In contrasting their Tuesday PM to Wednesday PM London fix prices:
- Gold inched up $3, or 0.2%, to $1,273.50 an ounce,
- Silver surged 83 cents, or 4.1%, to $21.32 an ounce,
- Platinum advanced $20, or 1.5%, to $1,392 an ounce, and
- Palladium added $1, or 0.1%, to $708 an ounce
U.S. Mint Bullion Sales in October
Sales totals for United States Mint bullion coins picked up for a second day, though modestly compared to the soaring advances notched on Tuesday.
U.S. Mint bullion sales breakdowns follow for the day, in October so far and for the year-to-date.
| American Eagle and Buffalo Bullion Sales | |||||
|---|---|---|---|---|---|
| Wednesday Sales | Last Week | Week-To-Date Sales | October Sales | YTD Sales | |
| $50 American Eagle Gold Coins | 1,000 | 8,000 | 10,500 | 20,500 | 625,500 |
| $25 American Eagle Gold Coins | 0 | 0 | 0 | 1,000 | 54,000 |
| $10 American Eagle Gold Coins | 0 | 0 | 0 | 2,000 | 106,000 |
| $5 American Eagle Gold Coins | 0 | 5,000 | 5,000 | 15,000 | 480,000 |
| $50 American Buffalo Gold Bullion Coins | 1,000 | 1,500 | 4,000 | 11,000 | 211,000 |
| White Mountain 5 oz. Silver Bullion Coins | Sold Out | 35,000 | |||
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 1,200 | 26,200 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 2,200 | 27,200 |
| Fort McHenry 5 oz. Silver Bullion Coins | 0 | 600 | 0 | 2,600 | 27,600 |
| American Silver Eagle Bullion Coins | 0 | 700,000 | 749,500 | 1,636,500 | 37,724,500 |
