Precious metals futures moved higher Wednesday led by a 2.6% increase in palladium and trailed by a 0.5% advance in gold.
Gold for December delivery rose $5.40 to settle at $1,208.30 an ounce on the Comex division of the New York Mercantile Exchange. The close was the highest since last Wednesday, Sept. 12.
"Gold and silver are supported on some buying back of previously sold positions (short covering) by the shorter-term futures traders," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A lower U.S. dollar index on this day also supported some buying interest in the precious metals markets."
Gold futures ranged from a low of $1,202.20 to a high of $1,211. They shed 0.2% on Tuesday and rose 0.4% on Monday.
Silver for December delivery gained 9.5 cents, or 0.7%, to close at $14.28 an ounce. Silver futures traded between $14.17 and $14.38. They dipped 0.3% on Tuesday and climbed 0.6% on Monday. On Friday, they finished at their lowest price since Jan. 22, 2016.
In PGM futures on Wednesday:
-
October platinum added $7, or 0.9%, to $821.90 an ounce, ranging from $812.60 to $827.80.
- Palladium for December delivery jumped $26 to $1,030.80 an ounce, trading between $1,003.70 and $1,033.40.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold rose $3.10, or 0.3%, to 1,203.30 an ounce.
- Silver fell 2.5 cents, 0.2%, to $14.185 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 were unchanged for a second day in a row. 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 | Last Week | This Week | August | September | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 2,000 | 1,500 | 17,500 | 11,000 | 147,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 4,000 | 1,000 | 23,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 0 | 4,000 | 4,000 | 58,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 20,000 | 0 | 10,000 | 40,000 | 200,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 0 | 20,000 | 6,500 | 104,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 925,000 | 1,530,000 | 1,962,500 | 11,200,000 |
| Pictured Rocks 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Apostle Islands 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Voyageurs 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Cumberland Island 5 Oz Silver Coin | 0 | 51,000 | 1,500 | N/A | 52,500 | 52,500 |
