Gold closed lower for a second session in a row Tuesday, ending at a more than three-month low.
Gold for December delivery fell $5.80, or 0.5%, to finish at $1,248.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since gold ended at $1,244.30 an ounce on June 4.
"Some traders have given up on gold as the $1,250 level represents the line in the sand for many traders. Also, geopolitical risks also appeared to be fading for now," Reuters quoted Phillip Streible, senior commodities broker at RJO Futures in Chicago.
Gold prices ranged from a low of $1,248.10 to a high of $1,258.90. They dropped $13, or 1%, in the prior session.
Silver for December delivery shed 4 cents, or 0.2%, to $18.92 an ounce, trading between $18.89 and $19.11. Silver prices declined 20 cents, or 1%, in the previous session.
In PGM futures on Tuesday:
October platinum dropped $11.70, or 0.8%, to $1,385.80 an ounce, ranging from $1,383.20 to $1,402.40.
- Palladium for December delivery tumbled $25.70, or 2.9%, to $860.45 an ounce, trading between $855.60 and $888.10.
London Fix Precious Metals
Earlier fixed London precious metals were mostly lower. In contrasting the London bullion Fix prices and the LBMA Silver Price from Monday PM to Tuesday PM:
- Gold lost $3.25, or 0.3%, to $1,255.75 an ounce,
- Silver declined 19 cents, or 1%, to $19,
- Platinum shed $9, or 0.6%, to $1,395 an ounce, and
- Palladium added $2, or 0.2%, to $886 an ounce
US Mint Bullion Sales
United States Mint bullion sales were unchanged Tuesday as of 2:40 PM ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, last month, this month so far, and the year to date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Sales Last Week||August Sales||September Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||100||700||100||13,700|
|$50 American Eagle Bullion Gold Coins||0||13,500||21,000||14,500||260,000|
|$25 American Eagle Bullion Gold Coins||0||4,000||0||5,000||32,000|
|$10 American Eagle Bullion Gold Coins||0||2,000||6,000||2,000||86,000|
|$5 American Eagle Bullion Gold Coins||0||10,000||25,000||10,000||420,000|
|$50 American Buffalo Bullion Gold Coins||0||3,000||8,000||3,000||128,000|
|$1 American Eagle Silver Bullion Coins||0||340,000||2,007,500||580,000||28,691,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||0||500||30,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||500||500||21,000|
|Arches National Park 5 Oz Silver Bullion Coins||0||0||1,200||0||21,200|
|Great Sand Dunes 5 Oz Silver Bullion Coins||0||0||7,500||2,500||10,000|