Gold prices declined for a second day in a row Wednesday following eight straight session gains. Palladium, meanwhile, logged another new record.
Gold for April delivery shed $6.90, or 0.4%, to settle at $1,643.10 an ounce on the Comex division of the New York Mercantile Exchange.
"The market is well saturated with bullish news. I think we are seeing some participants taking profit here … especially the longs are taking advantage," Reuters quoted Ryan McKay, a commodity strategist at TD Securities.
Gold futures ranged from a low of $1,626.60 to a high of $1,657.10. They fell 1.6% on Tuesday and they gained 1.7% on Monday, ending the day at their highest point since Feb. 6, 2013.
Silver for March delivery fell 27.7 cents, or 1.5%, to end at $17.914 an ounce. Silver futures traded between $17.82 and $18.25. They sank 3.6% on Tuesday and they jumped 1.9% on Monday, closing at their best price since Sept. 4.
In PGM future prices Wednesday:
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April platinum dropped $17.50, or 1.9%, to $914.80 an ounce, ranging from $908.90 to $937.70.
- Palladium for March delivery advanced $45, or 1.7%, to a record settlement of $2,692.80 an ounce. Palladium traded between $2,616 and $2,720.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $15.40, or 0.9%, to $1,634.90 an ounce.
- Silver fell 25.5 cents, or 1.4%, to $18.075 an ounce.
US Mint Bullion Sales in 2020
For the first time this month, the United States Mint reported its American Eagle bullion sales. Figure totals included 5,500 ounces in American Gold Eagles; 3,500 ounces in American Platinum Eagles; and 575,000 ounces in American Silver 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) | ||||
|---|---|---|---|---|
| February | December | January | 2020 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 3,500 | 2,000 | 38,000 | 41,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 23,000 | 23,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 2,000 | 0 | 18,000 | 20,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 15,000 | 0 | 60,000 | 75,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 1,500 | 21,000 | 21,000 |
| $1 American Eagle 1 Oz Silver Coin | 575,000 | 0 | 3,846,000 | 4,421,000 |
| $1 American Eagle 1 Oz Platinum Coin | 6,300 | 0 | 14,500 | 20,800 |
