Gold and silver were little changed in quiet trading Tuesday. Many investors stuck to the sidelines ahead of Wednesday’s release of the Federal Open Market Committee (FOMC) policy statement.
Gold for December delivery slipped 40 cents to settle at $1,165.80 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from a low of $1,160.50 to a high of $1,168.80. They advanced on Monday by 0.3%.
"If the Fed leans toward a rate hike in December, gold could come under pressure again," MarketWatch quoted Mark O’Byrne, research director at GoldCore in Dublin. "However, if it leans toward raising rates next year, then gold would be expected to eke out further gains."
The policy-setting FOMC kicked off its two-day meeting on Tuesday and will release its statement at 2 p.m. ET on Wednesday. Most do not expect an immediate increase in interest rates but investors are looking for any hints about when the FOMC could pull that trigger.
Silver for December delivery shed 4 cents, or less than 0.3%, to settle at $15.86 an ounce. Silver prices traded from $15.78 to $15.93. They turned up 0.5% in the previous session.
In PGM futures on Tuesday:
January platinum declined $8.30, or 0.8%, to $989.20 an ounce, ranging from $983.60 to $998.60.
- Palladium for December delivery settled down $5.15, or 0.8%, to $678.75 an ounce, trading between $675 and $683.90.
London Precious Metals Prices
Earlier fixed London gold and silver prices also declined modestly. In comparing their prices from Monday PM to Tuesday PM:
- Gold fell 70 cents, or less than 0.1%, to $1,165.70 an ounce.
- Silver lost 6 cents, or less than 0.4%, to $15.80 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in October
United States Mint bullion sales were unchanged Tuesday as of 4:18 PM ET. Below is a listing of United States Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Tuesday Sales / This Week||Last Week||Sept Sales||Oct Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||2,500||98,500||22,500||542,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||1,000||9,000||3,000||66,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||0||20,000||4,000||146,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||10,000||175,000||45,000||875,000|
|$50 American Buffalo 1 Oz Gold Coins||0||1,500||22,000||10,000||180,500|
|$1 American Eagle 1 Oz Silver Coins||0||926,500||3,804,500||2,931,500||38,986,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins*||–||45,000|
|2015 Bombay Hook 5 Oz Silver Coins*||–||45,000||–||45,000|