Precious Metals Futures Log Modest Declines Tuesday, Aug. 28

by CoinNews.net on August 28, 2018 · 0 comments

Shelves of gold bullion bars

Losses in precious metals futures Tuesday, Aug. 28, ranged from 0.1% for gold to 1.1% for platinum

Precious metals futures ended lower on Tuesday. Gold’s loss brought it down from a more than two-week high.

Gold for December delivery shed $1.60, or 0.1%, to settle at $1,214.40 an ounce on the Comex division of the New York Mercantile Exchange.

"Some normal profit-taking from the shorter-term futures traders was featured today, following decent gains the past few sessions that do suggest the yellow metal has put in a near-term market bottom," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"A weaker U.S. dollar index on this day was a bullish element for the precious metals markets that did limit the downside pressure," Wyckoff added.

Gold futures ranged from a low of $1,210.20 to a high of $1,220.70. They rose 0.2% on Monday, marking their best settlement since Aug. 10.

Elsewhere, silver for September fell 8.5 cents, or 0.6%, to end at $14.774 an ounce. Silver futures traded between $14.70 and $14.95. They climbed 0.4% on Monday, posting their best close since Aug. 14.

In rounding out precious metals prices on Tuesday:

  • October platinum lost $8.90, or 1.1%, to $795.30 an ounce, ranging from $788.10 to $810.

  • Palladium for September delivery declined $2.50, or 0.3%, to $939.40 an ounce, trading between $933.20 and $949.80.

London Precious Metals Prices

London market closed Monday for a public holiday. In comparing earlier fixed London gold and silver prices from Friday PM to Tuesday PM:

  • Gold rose $14.55, or 1.2%, to 1,212.25 an ounce.
  • Silver surged 28 cents, or 1.9%, to $14.90 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 increased by a combined 3,000 ounces in American Eagle and Buffalo gold coins and by 125,000 ounces in American Silver Eagles.

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 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 1,500 3,000 2,500 31,500 16,000 135,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 1,000 1,000 3,000 21,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 2,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 25,000 5,000 155,000
$50 American Buffalo 1 Oz Gold Coin 1,500 0 2,000 24,500 20,000 98,000
$1 American Eagle 1 Oz Silver Coin 125,000 225,000 325,000 885,000 1,505,000 9,212,500
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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