Gold Slips for Second Session as Risk Appetite Returns

by CoinNews.net on December 11, 2014 · 0 comments

999.9 gold bullion, three bars

Precious metals futures declined Thursday but remain poised for solid weekly gains

Gold prices slipped for a second straight session on Thursday but rallying gains on Tuesday still have the precious metal poised for a strong weekly increase.

Gold for February delivery settled down $3.80, or 0.3%, to $1,225.60 an ounce on the Comex division of the New York Mercantile Exchange. Riskier appetites were in play Wednesday with U.S. stocks rising for the first time this week after retail sales climbed higher than expected.

"It is good that gold is able to stay above $1,200 despite another slump in oil prices. But it is a little bit concerning we haven’t been able to build on it with the dollar weakening quite a bit," Reuters quoted a Hong Kong-based precious metals trader. "If we stay near $1,230 for a while without making any progress, it might turn out to be bearish."

Gold traded between $1,216.70 and $1,233.40. Prices on Wednesday dipped 0.2% after soaring 3.1% on Tuesday and scoring a more than six-week high. Gold is up 3% on the week so far.

In rounding out the precious metals complex:

  • Silver for March delivery lost 8 cents, or 0.4%, to $17.11 an ounce, ranging from $16.95 to $17.24.

  • January platinum dipped 40 cents to $1,242.20 an ounce, trading between $1,231.30 and $1,252.50.

  • Palladium for March delivery fell $1.80, or 0.2%, to $819.60 an ounce, ranging from $813.80 to $820.10.

In the prior session, silver added 0.3%, platinum shed 0.3% and palladium advanced 1.2%.

London Fix Precious Metals

Earlier fixed London precious metals were mixed for a second day. In comparing London bullion Fix prices from Wednesday PM to Thursday PM:

  • Gold declined $12.75, or 1%, to $1,216.25 an ounce,
  • Silver fell 8 cents, or 0.5%, to $16.98 an ounce,
  • Platinum lost $11, or 0.9%, to $1,230 an ounce, and
  • Palladium added $2, or 0.2%, to $817 an ounce

US Mint Bullion Coin Sales in December

United States Mint bullion sales were unchanged Thursday as of 3:03 PM ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week so far, last month, in December, and the year to date. Coins with an asterisk (*) have sold out.

American Eagle and Buffalo Bullion Sales (# of coins)
Thursday Sales Last Week This Week November Sales December Sales YTD Sales
$100 American Platinum Eagle Bullion Coins* 0 0 0 0 0 16,900
$50 American Eagle Bullion Gold Coins 0 12,000 0 49,000 12,000 414,500
$25 American Eagle Bullion Gold Coins 0 0 0 8,000 0 46,000
$10 American Eagle Bullion Gold Coins 0 6,000 0 12,000 6,000 118,000
$5 American Eagle Bullion Gold Coins 0 30,000 0 40,000 30,000 560,000
$50 American Buffalo Bullion Gold Coins 0 2,500 0 12,500 2,500 175,500
$1 American Eagle Silver Bullion Coins 0 821,500 682,500 3,426,000 1,504,000 43,051,000
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0 33,000
Shenandoah National Park 5 Oz Silver Bullion Coins 0 300 300 900 600 23,900
Arches National Park 5 Oz Silver Bullion Coins* 0 0 0 0 0 22,000
Great Sand Dunes 5 Oz Silver Bullion Coins 0 1,800 800 1,700 2,600 20,500
Everglades 5 Oz Silver Bullion Coins 0 7,000 0 27,000 7,000 34,000

 

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