Gold Snaps 6-Session Losing Streak, Silver Dips

by CoinNews.net on August 7, 2013 · 0 comments

Gold Bars, US Money

As the U.S. dollar fell against other currencies, gold closed higher to snap a six-session losing streak

Gold prices on Wednesday settled higher for the first time in seven sessions, though they remained well below $1,300 an ounce.

Gold for December delivery advanced $2.80, or 0.2%, to finish at $1,285.30 an ounce on the Comex division of the New York Mercantile Exchange. The precious metal traded through a range of $1,271.80 to $1,289. Support on Wednesday came as the U.S. dollar index fell to a seven-week low.

"Gold appears to be continuing its sensitivity to the link between Fed intentions and the vulnerability of the dollar," MarketWatch quoted Jonathan Citrin, founder and executive chairman of Citrin Group.

"As the global reserve currency declines due to curbed expectations of Fed tightening, the metal is becoming more attractive," he said.

Gold prices on Tuesday lost $19.90, or 1.5%, to settle below the key $1,300 an ounce level for the first time since July 19.

Silver often tracks gold, but not on Wednesday. Extending its losing streak to three sessions, silver for September delivery shed 1.5 cents, or less than 0.1%, to $19.51 an ounce. Silver prices ranged from $19.10 to $19.58.

In PGM futures on Wednesday:

  • October platinum gained $10.50, or 0.7%, to $1,438.30 an ounce, trading between $1,417 and $1,441.

  • Palladium for September delivery inched up 35 cents to $723.15 an ounce, ranging from $712 to $725.85.

London Fix Precious Metals

London precious metals fixings were all lower. When comparing the Tuesday PM to Wednesday PM London Fix prices:

  • Gold dropped $28, or 2.1%, to $1,282.50 an ounce,
  • Silver fell 38.9 cents, or 2%, to $19.52 an ounce,
  • Platinum declined $23.70, or 1.6%, to $1,427.80 an ounce, and
  • Palladium lost $6.90, or 1%, to $722.80 an ounce

US Bullion Coin Sales

Sales totals for United States Mint bullion products were unchanged Wednesday following prior-day gains in both gold and silver coins. The following are the available daily, August and year-to-date bullion coin sales totals as published by the United States Mint.

American Eagle and Buffalo Bullion Coin Sales
  Wednesday Sales Last Week Week-To-Date Sales August Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 12,500 0 0 587,500
$25 American Eagle Gold Bullion Coins 0 1,000 0 1,000 48,000
$10 American Eagle Gold Bullion Coins 0 2,000 0 0 94,000
$5 American Eagle Gold Bullion Coins 0 10,000 0 0 450,000
$50 American Buffalo Gold Bullion Coins 0 6,000 1,500 2,500 182,500
White Mountain 5 oz. Silver Bullion Coins 0 0 0 0 29,900
Perry’s Victory 5 oz. Silver Bullion Coins 0 0 0 0 20,800
Great Basin 5 oz. Silver Bullion Coins 0 0 0 0 17,400
American Silver Eagle Bullion Coins 0 950,000 792,000 0 30,242,000

 

Figures above are in the number of coins sold, not in ounces.

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