Most precious metals futures rebounded Wednesday with silver rising from a more than two-and-a-half year low and gold moving up from a nearly two-week low to return above $1,200 an ounce.
Gold for December delivery rose $2.20, or 0.2%, to settle at $1,201.30 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are modestly up in early-afternoon U.S. trading Wednesday. Short covering in the futures markets and some perceived bargain hunting in the cash markets were featured today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A sell off in the U.S. dollar index today also worked in favor of the precious metals market bulls."
Gold futures ranged from a low of $1,196.40 to a high of $1,204.20. They fell 0.6% on Tuesday, ending at their lowest point since Aug. 23.
Elsewhere, silver for December delivery added 4 cents, or 0.3%, to close at $14.22 an ounce. Silver futures traded between $14.12 and $14.27. They dropped 2.6% on Tuesday, marking their lowest settlement since Jan. 22, 2016.
In PGM futures on Wednesday:
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October platinum gained $6.10, or 0.8%, to $784.30 an ounce, ranging from $770.10 to $785.80.
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Palladium for December delivery declined $6.30, or 0.7%, to $961.20 an ounce, trading between $955.40 and $975.90.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $5.85, or 0.5%, to 1,196.70 an ounce.
- Silver declined 8 cents, or 0.6%, to $14.17 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2018
United States Mint bullion sales climbed for the first time this week and for the month. The U.S. Mint logged broad gains among its American Eagle products. American Silver Eagles rose by 400,000 ounces and all denominations of American Gold Eagles advanced for combined sales of 6,500 ounces.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Wednesday / Week / September | Last Week | July | August | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 30,000 |
| $50 American Eagle 1 Oz Gold Coin | 3,500 | 4,000 | 31,500 | 17,500 | 140,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 1,000 | 2,000 | 1,000 | 4,000 | 23,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 2,000 | 2,000 | 2,000 | 4,000 | 56,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 20,000 | 5,000 | 25,000 | 10,000 | 180,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 2,000 | 24,500 | 20,000 | 98,000 |
| $1 American Eagle 1 Oz Silver Coin | 400,000 | 350,000 | 885,000 | 1,530,000 | 9,637,500 |
| Pictured Rocks 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 30,000 |
| Apostle Islands 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 30,000 |
| Voyageurs 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 30,000 |
