Gold Settles Near Three-Week Low

by CoinNews.net on March 20, 2018 · 1 comment

Gold Bullion and US Money

Losses in precious metals ranged from 0.4% for gold to 1.2% for palladium

Precious metals futures declined Tuesday as the U.S. dollar climbed ahead of the Fed’s Wednesday decision on whether to raise interest rates. Gold ended at its lowest price in almost three weeks.

Gold for April delivery lost $5.90, or 0.4%, to settle at $1,311.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since March 1.

"Gold and silver prices were moderately lower in early afternoon U.S. trading Tuesday, pressured by a stronger U.S. dollar index on this day and some chart-based selling," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"The marketplace is awaiting the major economic data point of the week, on Wednesday afternoon. The Federal Reserve’s Open Market Committee meeting (FOMC) that began Tuesday morning ends Wednesday afternoon with a statement."

Gold futures traded from a low of $1,306.60 to a high of $1,318.10. They gained 0.4% on Monday.

Silver for May delivery shed 14 cents, or 0.9%, to settle at $16.185 an ounce. Silver futures ranged from $16.10 to $16.34. They rose 0.3% on Monday.

In other precious metals futures on Tuesday:

  • April platinum fell $9.40, or 1%, to $945 an ounce, trading between $942.80 and $957.30.

  • Palladium for June delivery declined $11.50, or 1.2%, to $975.90 an ounce, ranging from $972 to $989.90.

London Precious Metals Prices

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

  • Gold declined $1.40, or 0.1%, to $1,311 an ounce.
  • Silver fell 3.5 cents, or 0.2, to $16.25 an ounce.

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

US Mint Bullion Sales in 2018

U.S. Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Tuesday Last Week This Week February March 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 20,000 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 0 0 5,000 2,500 43,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 5,000 10,000 95,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 2,500 1,000 27,500
$1 American Eagle 1 Oz Silver Coin 0 270,000 195,000 942,500 630,000 4,807,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 20,000 0 20,000

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Sheesh, I wish it would make up its mind!