Gold Falls for Fourth Time in Five Sessions, Silver Sheds 2.5%

by CoinNews.net on October 9, 2013 · 0 comments

Stacked Silver Bars

Gold settled lower for the fourth time in five sessions Wednesday, pressured as the U.S. dollar advanced against other world currencies.

Gold for December delivery lost $17.40, or 1.3%, to close at $1,307.20 an ounce on the Comex division of the New York Mercantile Exchange. It traded from an intraday low of $1,294.60 to a high of $1,323.30. The precious metal dipped 50 cents on Tuesday.

"Gold and silver saw strong selling pressure due to the key ‘outside markets’ being in a fully bearish daily posture Wednesday — a sharply higher U.S. dollar index and sharply lower crude oil prices," said Jim Wyckoff, a senior analyst at Kitco Inc. "Technical selling was also featured in gold and silver markets, with gold hitting sell stops in early U.S. dealings."

Silver for December delivery tumbled 55.2 cents, or 2.5%, to finish at $21.89 an ounce. It traded from $21.75 to $22.41. Silver prices climbed 5.7 cents, or 0.3%, in the prior session.

In rounding out precious metals futures:

  • January platinum declined $20.70, or 1.5%, to $1,383 an ounce after gaining $1.80, or 0.1% on Tuesday. Prices on the day ranged from $1,377.70 to $1,405.80.

  • Palladium for December delivery fell $10.80, or 1.5%, to $704.10 an ounce after rising $9.55, or 1.4% on Tuesday. Palladium traded between $702.30 and $731.80.

London Fix Precious Metals

London precious metals fixings were lower as well. In contrasting the Tuesday PM to Wednesday PM London fix prices:

    • Gold lost $25.50, or 1.9%, to $1,304 an ounce,
  • Silver shed 20 cents, or 0.9%, to $22.10 an ounce,
  • Platinum declined $22, or 1.6%, to $1,385 an ounce, and
  • Palladium dipped $5, or 0.7%, to $707 an ounce

U.S. Mint Bullion Sales in October

Sales totals for United States Mint bullion coins were unchanged Wednesday after rising in the prior two days. Current sales figures by bullion type are shown in the following table:

American Eagle and Buffalo Bullion Sales
  Wednesday Sales Last Week Week-To-Date Sales October Sales YTD Sales
$50 American Gold Eagle Bullion Coins 0 2,000 3,000 5,000 610,000
$25 American Gold Eagle Bullion Coins 0 1,000 0 1,000 54,000
$10 American Gold Eagle Bullion Coins 0 2,000 0 2,000 106,000
$5 American Gold Eagle Bullion Coins 0 5,000 0 5,000 470,000
$50 American Buffalo Gold Bullion Coins 0 4,500 1,000 5,500 205,500
White Mountain 5 oz. Silver Bullion Coins Sold Out 35,000
Perry’s Victory 5 oz. Silver Bullion Coins 0 1,200 0 1,200 26,200
Great Basin 5 oz. Silver Bullion Coins 0 2,200 0 2,200 27,200
Fort McHenry 5 oz. Silver Bullion Coins 0 2,000 600 2,600 27,600
American Silver Eagle Bullion Coins 0 675,000 679,500 866.500 36,954,500

 

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