Gold, Silver and Palladium Decline Slightly

by CoinNews.net on August 2, 2017 · 0 comments

Staggered gold bars

Gold eased from a nearly eight-week high

Precious metals futures ended mostly lower Wednesday. Gold’s modest decline brought it down from an almost 8-week high.

Gold for December delivery shed $1, or less than 0.1%, to settle at $1,278.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices ended the U.S. day session a bit lower Wednesday, on some mild profit taking from recent gains that pushed the market to a six-week high on Tuesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Bullish ‘outside markets’ today limited selling pressure in the gold and silver markets. The U.S. dollar index was lower and crude oil prices were higher."

Gold futures ranged from a low of $1,268.90 to a high of $1,279. They climbed 0.5% on Tuesday, logging their highest close since June 8, and dipped 0.1% on Monday.

Silver for September delivery declined 3.1 cents, or 0.2%, to close at $16.733 an ounce. Silver futures traded between $16.45 and $16.96. They slipped 0.1% on Tuesday and advanced 0.6% on Monday, ending at their best price since June 14.

In PGM futures on Wednesday:

  • October platinum added $4.30, or 0.5%, to $953.80 an ounce, ranging from $942.20 and $954.80.

  • Ending lower for the first time in eight sessions, palladium for September delivery shed $1.20, or 0.1%, to $892.20 an ounce. Prices traded between $888.45 and $903.50.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold declined $1.35, or 0.1%, to 1,269.605 an ounce.
  • Silver fell 7 cents, or 0.4%, to $16.67 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Sales in 2017

United States Mint bullion sales were unchanged Wednesday. Below is a sales breakdown of U.S. 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)
Wednesday / Aug Last Week This Week June July YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 500 1,000 4,000 12,500 154,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 4,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 20,000 30,000 290,000
$50 American Buffalo 1 Oz Gold Coin 0 500 1,500 2,000 5,000 71,000
$1 American Eagle 1 Oz Silver Coin 0 205,000 50,000 986,000 2,270,000 14,503,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 8,800 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 20,000 0 20,000

 

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