Gold Edges Lower, Silver Climbs Modestly Higher

by CoinNews.net on September 20, 2012 · 0 comments

US Money

A stronger U.S. dollar on Thursday limited gold’s appeal

Gold settled with yet another marginal change Thursday, a characteristic that has dominated the yellow metal for nearly a week.

Gold prices for December delivery declined $1.50, or 0.1%, to settle at $1,770.20 an ounce on the Comex in New York. Prices bracketed intraday levels of $1,757.70 and $1,774.90. Gold was pressured, opined analysts, by a stronger U.S. dollar.

"The rise in gold and silver will be tempered by drops in the stock market and rises in the dollar, and if this continues then the upside is limited for the time being," Marex Spectron said in a note, according to Reuters.

"However support remains under the market and I still believe buying dips is the way forward in the longer term."

Since gold surged $38.40 last Thursday after the Fed announced QE3, successive daily changes include:

  • a 60 cent gain on Friday,
  • a loss of $2.10 on Monday,
  • a pick-up of 60 cents on Tuesday,
  • an increase of 50 cents on Wednesday, and
  • today’s loss of $1.50

In other New York bullion futures on Thursday:

  • Silver for December delivery closed at $34.682 an ounce, climbing 9.4 cents or 0.3%. Silver ranged from an intraday low of $34.12 to a high of $34.80.

  • Platinum for October delivery gave back $16.50, or 1.0%, to $1,623.90 an ounce, trading between $1,596.00 and $1,641.80.

  • Palladium for December delivery shed $11.95, or 1.8%, to $661.10 an ounce, ranging from $657.00 to $672.75.

London Precious Metals

London precious metals were all lower Thursday. In contrasting PM fixing prices:

  • Gold declined $8.25, or 0.5%, to $1,758.50 an ounce,
  • Silver lost 40.0 cents, or 1.2%, to $34.25 an ounce,
  • Platinum fell $13.00, or 0.8%, to $1,620.00 an ounce, and
  • Palladium declined $11.00, or 1.6%, to $663.00 an ounce

U.S. Mint Bullion Coins

Sales of U.S. Mint bullion coins were unchanged Thursday as of 3:20 p.m. ET. The following grid offers the latest daily, September and year-to-date bullion sales as published by the U.S. Mint.

Sales of US Mint American Eagle and Buffalo Bullion Coins
  Daily Gains September Gains YTD 2012
$50 American Eagle Gold Coins 0 35,500 383,000
$25 American Eagle Gold Coins 0 1,000 60,000
$10 American Eagle Gold Coins 0 2,000 60,000
$5 American Eagle Gold Coins 0 20,000 235,000
$50 American Buffalo Gold Coins 0 6,500 94,500
American Eagle Silver Coins 0 1,961,000 24,501,000

 

Sales of America the Beautiful 5 Oz. Silver Bullion Coins
  Daily Gains September Gains All-Time Total
2012 El Yunque National Forest 5 oz. Silver Coins 0 0 16,700
2012 Chaco Culture National Historical Park 5 oz. Silver Coins 0 0 17,000
2012 Acadia National Park 5 oz. Silver Coins 0 2,500 17,600
2012 Hawai’i Volcanoes 5 oz. Silver Coins 0 10,400 10,400
2011 Olympic National Park 5 oz. Silver Coins 0 0 85,900
2011 Vicksburg National Military Park 5 oz. Silver Coins 0 0 39,500
2011 Chickasaw Park 5 oz. Silver Coins 0 0 29,700
TOTAL 0 12,900 216,800

 

Sales figures above are in the number of coins sold, not in the amount of ounces sold.

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