Gold Declines for Second Day, Silver About Flat

by CoinNews.net on August 14, 2012 · 0 comments

Gold nuggets, bar

Gold prices have declined $20.40 since Friday

Gold closed lower for a second day Tuesday, falling to its lowest price since August 2. Prices declined after the release of better-than-expected U.S. economic data.

Gold prices for December delivery declined $10.20, or 0.6%, to settle at $1,602.40 an ounce. Gold ranged between intraday levels of $1,593.60 and $1,618.90. The precious metal has dropped 1.3% this week.

"Better economic figures may make the Fed postpone or do away with additional stimulus," Reuters quoted George Gero, vice president of RBC Capital Markets.

U.S. retail sales climbed in July for the first time in four months. Sales improved 0.8%, the Commerce Department said in a report Tuesday.

In other New York precious metals futures prices:

  • Silver prices for September delivery were about flat, down four-tenths of a cent to $27.763 an ounce. Silver traded between $27.575 and $27.970.

  • Platinum for October delivery advanced $6.30, or 0.5%, to $1,399.10 an ounce, ranging from $1,387.80 to $1,416.40.

  • Palladium for September delivery added $3.70, or 0.6%, to $578.40 an ounce, ranging from $573.00 to $581.00.

London Precious Metals

Bullion prices in London declined as well. When comparing London PM Fix prices:

  • Gold fell $24.75, or 1.5%, to $1,597.75 an ounce,
  • Silver lost 21.0 cents, or 0.7%, to $27.84 an ounce,
  • Platinum shed $1.00, or 0.1%, to $1,400.00 an ounce, and
  • Palladium declined $4.00, or 0.7%, to $577.00 an ounce

Sales of U.S. Mint Bullion Coins

Sales of U.S. Mint bullion coins were unchanged Tuesday. The latest daily, August and year-to-date sales for U.S. Mint bullion products follow.

Sales US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains August Gains YTD 2012
$50 American Gold Eagle Coins 0 8,500 322,000
$25 American Gold Eagle Coins 0 0 56,000
$10 American Gold Eagle Coins 0 0 54,000
$5 American Gold Eagle Coins 0 5,000 195,000
$50 American Buffalo Gold Coins 0 3,500 82,500
American Silver Eagle Coins 0 1,390,000 21,060,000

 

Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily Gains August Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 400 13,600
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 400 7,800
2012 Acadia National Park 5 oz. Silver Coins 0 1,100 11,000
2011 Olympic National Park 5 oz. Silver Coins 0 0 85,500
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 0 39,100
2011 Chickasaw Park 5 oz. Silver Coins 0 0 29,400
TOTAL 0 1,900 186,400

 

Above U.S. Mint bullion sales are in coin totals, not in amount of ounces sold.

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