Gold Returns to 8-Week Low, Silver Logs First Gain in Five Sessions

by CoinNews.net on October 5, 2017 · 0 comments

Pure silver bullion bars

Silver closed higher for the first time last Thursday

Most precious metals futures advanced Thursday. Gold was the exception, posting its fourth decline in five sessions and closing at a fresh eight-week low.

Gold for December delivery shed $3.60, or 0.3%, to settle at $1,273.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since Aug. 8 when prices ended at $1,262.60 an ounce.

"Some early-session short covering and bargain hunting gave way to selling pressure tied to risk-on attitudes and a rallying U.S. dollar index," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Also a bearish underlying element for the precious metals markets is recent more hawkish rhetoric coming from the major central banks of the world — namely the Federal Reserve and European Central Bank," Wyckoff added.

Gold futures traded from a low of $1,275.60 to a high of $1,281.60. They rose 0.2% on Wednesday, dipped less than 0.1% on Tuesday, and declined 0.7% on Monday.

Ending higher for the first time in five sessions, silver for December delivery advanced 1.4 cents, or less than 0.1%, to settle at $16.638 an ounce. Silver futures ranged from $16.59 to $16.77. They fell 0.2% on Wednesday — marking their lowest close since Aug. 8, slipped less than 0.1% on Tuesday, and declined 1% on Monday.

In other precious metals futures prices:

  • January platinum added $3.20, or 0.4%, to $918 an ounce, trading between $912.10 and $921.

  • Palladium for December delivery tacked on $16.85, or 1.8%, to $936.50 an ounce, ranging from $920.65 to $942.60.

London Precious Metals Prices

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

  • Gold added 25 cents, or 0.02%, to 1,274.50 an ounce.
  • Silver declined 16.5 cents, or 1%, to $16.66 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 bullion sales advanced by 1,000 ounces in American Gold Eagles. 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)
Thursday Last Week September This Week / October YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 15,000 15,000 0 15,000
$50 American Eagle 1 Oz Gold Coin 1,000 2,000 8,000 2,500 172,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 1,000 31,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 56,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 25,000 5,000 335,000
$50 American Buffalo 1 Oz Gold Coin 0 0 1,500 1,000 77,500
$1 American Eagle 1 Oz Silver Coin 0 195,000 320,000 150,000 16,048,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 0 35,000
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 0 0 0 20,000
2017 Ellis Island 5 Oz Silver Coin* 0 0 0 0 40,000

 

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