Gold Slips 0.4% As Dollar Rallies

by CoinNews.net on December 8, 2016 · 0 comments

$100 Bills and Gold Bar

Precious metals futures ended mixed Thursday, with gold and silver lower and platinum and palladium higher

Gold futures declined slightly Thursday, as the U.S. dollar rallied after showing some weakness on Wednesday.

Gold for February delivery shed $5.10, or 0.4%, to settle at $1,172.40 an ounce on the Comex division of the New York Mercantile Exchange.

"A strong U.S. dollar against the world currencies continues to be a significantly bearish weight on the precious metals markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The technical chart posture for gold also remains firmly negative."

The dollar rallied Thursday after the ECB extended its bond-buying program but announced that it would reduce purchases each month to €60 billion from €80 billion.

Gold futures ranged from a low of $1,170.90 to a high of $1,180.70. They gained 0.6% in the previous session, lost 0.5% on Tuesday, and dipped 0.1% on Monday.

Elsewhere, silver for March delivery dropped 17.9 cents, or 1%, to settle at $17.096 an ounce. Silver futures traded between $17.02 and $17.29. On Wednesday, they rallied 2.8%.

In other metals trading Thursday:

  • January platinum edged up 60 cents, or less than 0.1%, to $943.80 an ounce, ranging from $935.40 to $952.90.

  • Palladium for March delivery gained $6.40, or 0.9%, to $739.05 an ounce, trading between $716.30 and $745.95.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Wednesday PM to Thursday PM:

  • Gold lost $6.60, or 0.6%, to $1,171.05 an ounce.
  • Silver added 36 cents, or 2.2%, to $17.13 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 2016

United States Mint bullion sales were unchanged Thursday as of 3:25 p.m. ET, though all of the agency’s major 2016-dated coins have sold out.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Thursday Sales Last Week This Week Nov Sales Dec Sales 2016 Sales
$100 American Eagle 1 Oz Platinum Coins* 20,000
$50 American Eagle 1 Oz Gold Coins* 29,000 23,000 129,000 23,000 817,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 2,000 7,000 2,000 73,000
$10 American Eagle 1/4 Oz Gold Coins* 2,000 2,000 18,000 2,000 152,000
$5 American Eagle 1/10 Oz Gold Coins* 20,000 40,000 105,000 40,000 925,000
$50 American Buffalo 1 Oz Gold Coins 0 6,500 5,500 29,500 5,500 212,500
$1 American Eagle 1 Oz Silver Coins* 175,000 240,000 3,061,000 240,000 37,701,500
2016 Shawnee 5 Oz Silver Coins* 105,000
2016 Cumberland Gap 5 Oz Silver Coins* 75,000
2016 Harpers Ferry 5 Oz Silver Coins 0 0 100 1,500 100 38,100
2016 Theodore Roosevelt 5 Oz Silver Coins* -2,000 800 6,600 800 40,000
2016 Fort Moultrie 5 Oz Silver Coins 0 -3,000 0 27,800 0 27,800

 

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