Gold Marks 6-Week Low, Palladium and Platinum End at Same Level

by CoinNews.net on September 27, 2017 · 0 comments

Bullion gold bars and US $100s.

Gold and silver ended at six-week lows while palladium and platinum each closed at $925.50 an ounce

Precious metals futures declined Wednesday, aside from palladium which climbed to settle at the same price as palladium. Gold and silver closed at six-week lows.

Gold for December delivery shed $13.90, or 1.1%, to finish at $1,287.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Aug. 16 when prices ended at $1,282.90 an ounce.

"Gold is currently showing no signs of support. For the second time in as many weeks, the metal is threatening to break the lower bound of key support between $1,290 and $1,295 [for spot pricing], an area which was formerly resistance," MarketWatch quoted Fawad Razaqzada, technical analyst with Forex.com.

Gold futures traded from a low of $1,285.30 to a high of $1,299.20. They fell 0.8% on Tuesday and advanced 1.1% on Monday.

Silver for December delivery settled down 5.6 cents, or 0.3%, to $16.827 an ounce. The close is the weakest since Aug. 15 when prices ended at $16.714 an ounce. Silver futures ranged between $16.75 and $16.94. They dropped 1.5% in the previous session and gained 1% in their start to the week on Monday.

In PGM futures on Wednesday:

  • January platinum slipped $3.20, or 0.3%, to $925.50 an ounce, trading between $921 and $933.70.

  • Palladium for December delivery tacked on $11.05, or 1.2%, to $925.50 an ounce, ranging from $908.55 to $932.50.

London Precious Metals Prices

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

  • Gold declined $17.50, or 1.4%, to 1,282.55 an ounce.
  • Silver declined 12 cents, or 0.7%, to $16.89 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. 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 Last Week This Week August September YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin 0 N/A 15,000 N/A 15,000 15,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 2,000 6,500 8,000 170,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 2,000 1,000 30,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 2,000 2,000 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 15,000 25,000 330,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 0 3,000 1,500 76,500
$1 American Eagle 1 Oz Silver Coin 0 50,000 195,000 1,025,000 320,000 15,898,500
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
2017 Ellis Island 5 Oz Silver Coin* 0 0 0 40,000 0 40,000

 

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