Gold Dips to Fresh 18-Month Low; Other Metals Rebound

by CoinNews.net on August 16, 2018 · 0 comments

Large silver bullion bar, smaller gold bar and nugget

Gold edged lower Thursday, Aug. 16, but silver, platinum and palladium bounced from their sharp, prior-day losses

Most precious metals futures advanced Thursday, rebounding from lows that reached from almost 13 months to nearly a decade. God was the exception, edging lower on the day for a fresh, more than 18-month settlement low.

Gold for December delivery dipped $1, or less than 0.1%, to finish at $1,184 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Jan. 6, 2017, when prices ended at $1,173.40 an ounce.

"The underlying narratives of a strong dollar and relatively high U.S. interest rates still seem to be the predominant headwinds for gold," Reuters quoted INTL FCStone analyst Edward Meir.

Gold futures ranged from a low of $1,167.10 to a high of $1,189. They declined 1.3% on Wednesday, added 0.2% on Tuesday, and lost 1.7% on Monday.

Meanwhile, silver for September jumped 25.9 cents, or 1.8%, to settle at $14.713 an ounce. Silver futures traded between $14.31 and $14.83. They plunged 4% on Wednesday — ending at their worst level since Feb. 2, 2016, rose 0.5% on Tuesday, and tumbled 2.1% on Monday.

In other precious metals futures prices on Thursday:

  • After ending Wednesday at the lowest point since late 2008, October platinum advanced $12.60, or 1.6%, to $784.50 an ounce, ranging from $755.70 to $795.70.

  • After closing Wednesday at the weakest level since July 7, 2017, palladium for September delivery surged $37.60, or 4.5%, to $874.80 an ounce, trading between $815.20 and $887.50.

London Precious Metals Prices

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

  • Gold declined $1.60, or 0.1%, to 1,180.40 an ounce.
  • Silver fell 22 cents, or 1.5%, to $14.605 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

United States 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)
Thursday Last Week This Week July August 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 6,000 2,000 31,500 8,500 127,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 0 18,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 0 50,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 25,000 0 150,000
$50 American Buffalo 1 Oz Gold Coin 0 9,000 1,500 24,500 11,000 89,000
$1 American Eagle 1 Oz Silver Coin 0 235,000 265,000 885,000 530,000 8,237,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin 0 0 0 0 0 30,000

 

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