Most precious metals futures declined Wednesday, led by 2.8% fall in palladium after the precious metal hit an all-time high on Tuesday. Gold finished lower for a third straight session — a week after registering its highest close in ten months.
Gold for April delivery fell $7.30, or 0.6%, to settle at $1,321.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold has lost a bit of its allure over the last week, which may be indicative of a trade that’s become a little overcrowded and prone for correction," MarketWatch quoted Craig Erlam, senior market analyst at Oanda, in a daily note. "The momentum indicators certainly suggest this may be the case and the recent consolidation off the highs, despite some dollar weakness, also suggests this is a move that’s run out of steam."
Gold futures ranged from a low of $1,318.40 to a high of $1,332. They lost less than 0.1% on Tuesday and declined 0.3% on Monday. Last Wednesday, they closed at $1,347.90 an ounce for their highest settlement since April 19.
Silver for May delivery — the new, most active contract — dropped 16 cents, or 1%, to close at $15.766 an ounce. Silver futures traded between $15.73 and $16.01. They rose less than a half cent on Tuesday and fell 0.5% on Monday. Last Wednesday, they ended at $16.177 an ounce for their best settlement since June 29.
In PGM futures on Wednesday:
-
April platinum added $9.50, or 1.1%, to $869.90 an ounce, ranging from $861.10 to $876.80.
- Palladium for June delivery sank $42.50 to $1,477.20 an ounce, trading between $1,472 and $1,525.80. On Tuesday, the precious metal logged a record settlement at $1,519.70 an ounce.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM
- Gold declined $2.20, or 0.2%, to $1,322.85 an ounce.
- Silver rose 3 cents, or 0.2%, to $15.86 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint 2019 Bullion Sales
United States Mint bullion sales climbed by 600 ounces in American Platinum Eagles and by 1,000 ounces in American Gold Eagles.
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 | January | February | 2019 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 600 | 0 | 600 | 27,100 | 2,400 | 29,500 |
| $50 American Eagle 1 Oz Gold Coin | 1,000 | 3,000 | 1,500 | 44,500 | 11,000 | 55,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 15,000 | 1,000 | 16,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 20,000 | 0 | 20,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 0 | 85,000 | 10,000 | 100,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 500 | 23,500 | 6,000 | 29,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 997,500 | 100,000 | 4,017,500 | 2,157,500 | 6,175,000 |
