Gold Dips From 11-Week High

by CoinNews.net on August 22, 2017 · 0 comments

Two gold bullion bars

Precious metals futures logged declines ranging from 0.2% for silver to 0.7% for palladium

Precious metals futures ended lower Tuesday following their gains on Monday. Gold eased from its highest close in 11 weeks and palladium dipped from a more than 16-1/2-year high.

Gold for December delivery declined $5.70, or 0.4%, to settle at $1,291 an ounce on the Comex division of the New York Mercantile Exchange.

"Some mild profit-taking pressure was featured after recent price gains that saw gold hit a multi-month high,” Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.

"World stock markets were mostly up Tuesday and U.S. stock indexes were solidly higher in early-afternoon action. The gains in world stock markets were also a daily negative for the safe-haven gold market," Wyckoff added.

Gold futures ranged from a low of $1,287 to a high of $1,298.10. They climbed 0.4% in their start to the week on Monday, marking their best close since June 6.

Elsewhere, silver for September delivery shed 3.3 cents, or 0.2%, to settle at $16.982 an ounce. Silver futures traded between $16.87 and $17.12. They advanced 0.09% in the previous session.

In rounding out precious metals dealings:

  • October platinum dropped $4.20, or 0.4%, to $981.30 an ounce, ranging from $973.50 to $986.30.

  • Palladium for September delivery settled down $6.65, or 0.7%, to $932.35 an ounce, trading between $930.60 and $941.20. On Monday, they rose 1.3% to end at their strongest price since February 2001.

London Precious Metals Prices

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

  • Gold declined $8.70 or 0.7%, to 1,284.20 an ounce.
  • Silver was unchanged at $17.02 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 Tuesday as of 3:10 p.m. ET. 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)
Tuesday Last Week This Week July August YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 0 1,500 13,500 6,000 161,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 2,000 29,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 2,000 54,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 15,000 30,000 15,000 305,000
$50 American Buffalo 1 Oz Gold Coin 0 0 500 6,000 2,500 74,500
$1 American Eagle 1 Oz Silver Coin 0 125,000 190,000 2,320,000 425,000 14,978,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 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 0 0 20,000

 

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