Gold Falls 1.3%, Silver Drops 1.9%

by CoinNews.net on October 17, 2017 · 0 comments

Five gold bullion bars

Precious metals futures declined Tuesday, Oct. 17

Precious metals futures closed lower for a second straight day Tuesday, led by silver and followed by gold.

Gold for December delivery declined $16.80, or 1.3%, to settle at $1,286.20 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since Oct. 9.

"A good rebound in the U.S. dollar index today was a bearish outside-market factor. Profit taking by the shorter-term futures traders was also featured," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "Pre-placed sell stop orders in the gold and silver futures markets were also triggered today when near-term chart support levels were breached."

Gold futures traded from a low of $1,283.20 to a high of $1,298.40. They dipped 0.1% on Monday.

Silver for December delivery dropped 32.8 cents, or 1.9%, to finish at $17.041 an ounce. The settlement is also the lowest since Oct. 9. Silver futures ranged from $16.98 to $17.28. They shed 0.2% in the previous session.

In rounding out precious metals trading:

  • January platinum fell $7.30, or 0.8%, to $934.80 an ounce, trading between $929 and $935.60.

  • Palladium for December delivery edged down 35 cents, or less 0.1%, to $975.95 an ounce, ranging from $969.40 to $987.

London Precious Metals Prices

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

  • Gold declined $18.55, or 1.4%, to 1,284.75 an ounce.
  • Silver lost 30 cents, or 1.7%, to $17.11 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 climbed 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)
Tuesday Last Week September October YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$25 American Eagle 1 Oz Palladium Coin* 0 0 15,000 0 15,000
$50 American Eagle 1 Oz Gold Coin 1,000 3,000 8,000 7,500 177,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 2,000 32,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 2,000 58,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 20,000 350,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 1,500 3,500 80,000
$1 American Eagle 1 Oz Silver Coin 0 150,000 320,000 750,000 16,648,500
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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