Gold Logs New, More Than 1-Year Low; Silver Weakest Since April 2016

by CoinNews.net on August 6, 2018 · 0 comments

Two silver bullion bars and gold nuggets

Gold logged its lowest close since April 7, 2016

Precious metals declined Monday, posting losses ranging from 0.5% for gold to 1.3% for platinum. Once again, silver ended at a more than two-year low and gold finished at an almost thirteen-month low.

Gold for December delivery declined $5.50 to close at $1,217.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since July 13, 2017, when prices ended at $1,217.30 an ounce.

"Summertime trading conditions has many market-makers either on vacation or thinking about theirs upcoming," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Selling pressure today is related to a strong U.S. dollar."

Gold futures ranged from a low of $1,215.30 to a high of $1,226. They inched up 20 cents or less than 0.1% last week, for their first weekly advance in four weeks.

Meanwhile, silver for September dropped 11.4 cents, or 0.7%, to finish at $15.348 an ounce. The settlement is the weakest since April 7, 2016 when the precious metal ended at $15.158 an ounce. Silver futures traded between $15.30 and $15.51. They shed 0.2% last week for their eighth straight weekly decline.

In other precious metals futures on Monday:

  • October platinum moved down $10.60 to $826.30 an ounce, ranging from $821.30 to $838.80.

  • Palladium for September delivery lost $4.30, or 0.5%, to $903.60 an ounce, trading between $896.60 and $911.

Last week, platinum rose 0.6% and palladium fell 1.2%.

London Precious Metals Prices

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

  • Gold declined $6.65, or 0.6%, to 1,209.65 an ounce.
  • Silver fell 1.5 cents, or 0.1%, to $15.345 an ounce.

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

In LBMA results last week, prices for platinum and silver climbed respectively 0.4% and less than 0.1% while those for gold and palladium fell 0.6% and 1.1%.

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged Monday. 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)
Monday Last Week July August 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 2,000 31,500 500 119,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 18,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 50,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 0 150,000
$50 American Buffalo 1 Oz Gold Coin 0 6,500 24,500 500 78,500
$1 American Eagle 1 Oz Silver Coin 0 130,000 885,000 30,000 7,737,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin 0 0 0 0 30,000

 

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