Gold Ends at New 10-Month Low Ahead of FOMC Decision

by CoinNews.net on December 13, 2016 · 0 comments

Silver bullion bar, four gold bullion bars

Precious metals futures were divided Tuesday. Gold and silver declined while platinum and palladium gained.

Gold futures settled lower Tuesday for the third time in four sessions, ending at a new 10-month low.

Gold for February delivery fell $6.80, or 0.6%, to finish at $1,159 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since Feb. 5 when prices closed at $1,157.70 an ounce.

"We could be poised to see some near-term relief in gold into the Fed [announcement Wednesday] but to be clear, the dominant, near-term trend remains bearish," MarketWatch quoted Tyler Richey, co-editor of The 7:00’s Report. "The price action remains largely dependent on the dollar, which is still solidly in bull market territory."

The Federal Open Market Committee (FOMC) began its two-day meeting earlier today, and will release its monetary policy statement Wednesday afternoon. Many believe the committee will raise interest rates for the first time in a year.

Gold futures ranged from a low of $1,156.30 to a high of $1,167. They edged up 0.3% in the previous session.

Giving back most of the prior day’s gains, silver for March delivery dropped 21 cents, or 1.2%, to $16.977 an ounce. Silver futures traded between $16.83 and $17.23. They rose 1.3% in their start to the week on Monday.

In rounding out the precious metals spectrum:

  • January platinum inched up $3, or 0.3%, to $936.70 an ounce, ranging from $924.30 to $939.90.

  • Palladium for March delivery added $3.05, or 0.4%, to $730.60 an ounce, trading between $722.55 and $734.95.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Monday PM to Tuesday PM:

  • Gold gained $2.45, or 0.2%, to $1,158.55 an ounce.
  • Silver added 15 cents, or 0.9%, to $17.01 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

U.S. bullion sales were unchanged Tuesday as of 2:20 p.m. ET. The Mint’s most popular 2016-dated bullion coins have already sold out. New 2017-dated issues will go on sale Jan. 9.

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)
Tuesday 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* 23,000 129,000 23,000 817,500
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 1,000 7,000 3,000 74,000
$10 American Eagle 1/4 Oz Gold Coins* 2,000 18,000 2,000 152,000
$5 American Eagle 1/10 Oz Gold Coins* 40,000 105,000 40,000 925,000
$50 American Buffalo 1 Oz Gold Coins 0 5,500 1,500 29,500 7,000 214,000
$1 American Eagle 1 Oz Silver Coins* 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 0 100 0 1,500 100 38,100
2016 Theodore Roosevelt 5 Oz Silver Coins* 800 6,600 800 40,000
2016 Fort Moultrie 5 Oz Silver Coins 0 0 0 27,800 0 27,800

 

{ 0 comments… add one now }

Leave a Comment