Gold, Silver Decline Monday, Oct. 29

by CoinNews.net on October 29, 2018 · 0 comments

Layers of Gold Bullion

Gold futures shed 0.7% on Monday, Oct. 29

Gold futures moved lower on Monday, marking their first loss in three sessions as the U.S. dollar firmed.

Gold for December delivery declined $8.20, or 0.7%, to settle at $1,227.60 an ounce on the Comex division of the New York Mercantile Exchange. The close is the weakest in a week.

"Gold is now increasingly in need of supporting fundamentals to carry it higher. This after the tailwind from short covering begins to fade given the sharp reduction witnessed during the past few weeks," Reuters quoted Saxo Bank analyst Ole Hansen.

Gold futures ranged from a low of $1,226.10 to a high of $1,237.60. They rose 0.6% last week for their fourth straight weekly increase.

Silver for December delivery dropped 25.8 cents, or 1.8%, to settle at $14.442 an ounce. Silver futures traded between $14.40 and $14.78. They rose 0.3% last week.

In other precious metals futures prices on Monday:

  • January platinum rose $2.50, or 0.3%, to $836.90 an ounce, ranging from $833.50 to $845.60.

  • Palladium for December delivery fell $6.60, or 0.6%, to $1,079.30 an ounce, trading between $1,077.10 and $1,106.80. Last Tuesday, they ended at $1,122.80 an ounce to score an all-time record.

The two divided last week with platinum slipping 0.2% and palladium gaining 1.5%.

London Precious Metals Prices

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

  • Gold declined $3.05, or 0.3%, to 1,230.80 an ounce.
  • Silver shed 4 cents, or 0.3%, to $14.65 an ounce.

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

In LBMA results last week, platinum declined 1.2% while the other metal prices advanced — 0.5% for both gold and silver, and 0.6% for palladium.

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)
Monday Last Week September October 2018 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 0 4,000 14,500 17,000 168,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 2,000 2,000 26,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 0 58,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 40,000 10,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 0 11,000 5,000 113,000
$1 American Eagle 1 Oz Silver Coin 0 200,000 2,897,500 1,330,000 13,465,000
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
Cumberland Island 5 Oz Silver Coin 0 0 52,500 0 52,500

 

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