Gold Drops Below $1,500, Ending at Three-Week Low

by CoinNews.net on November 5, 2019 · 0 comments

Gold bullion and gold coins

Gold futures ended at their lowest price since Oct. 15

Precious metals futures declined Tuesday with losses ranging from 0.4% for palladium to 2.8% for silver. Gold’s finish was its worst in three weeks and silver’s the lowest in two weeks.

Gold for December delivery fell $27.40, or 1.8%, to close at $1,483.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Oct. 15.

Gold prices have "crashed on greater chances of a U.S.-China trade deal," Chintan Karnani, chief market analyst at Insignia Consultants, told MarketWatch. "There is speculation that the trade deal will favor Trump’s vote bank, which is the farming community and technology companies."

Gold futures ranged from a low of $1,480.70 to a high of $1,511.90. They dipped 0.02% on Monday.

Silver for December delivery tumbled 49.8 cents to finish at $17.568 an ounce. The settlement was the weakest since Oct. 22. Silver futures traded between $17.52 and $18.09. They edged 0.08% higher on Monday.

In other precious metals futures prices on Tuesday:

  • January platinum fell $8.10, or 0.9%, to $930.60 an ounce, ranging from $928.50 to $943.50.

  • Palladium for December delivery lost $6.10 to $1,746.70 an ounce, trading between $1,731.70 and $1,760.90. Last Wednesday, palladium posted a record settlement of $1,792.10 an ounce.

London Precious Metals Prices

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

  • Gold declined $20.50, or 1.4%, to $1,488.95 an ounce.
  • Silver shed 14 cents, or 0.8%, to $18.045 an ounce.

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

US Mint 2019 Bullion Sales

United States Mint bullion sales posted their first gains of the week and month with American Gold Eagles rising by 1,000 ounces and American Silver Eagles rising by 165,000 ounces.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday / This Week / November Last Week September October 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 3,500 8,000 98,000
$25 American Eagle 1/2 Oz Gold Coin 2,000 0 1,000 1,000 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 34,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 10,000 20,000 190,000
$50 American Buffalo 1 Oz Gold Coin 0 0 2,500 3,000 55,000
$1 American Eagle 1 Oz Silver Coin 165,000 167,000 1,021,000 1,110,500 14,565,500
San Antonio Missions 5 Oz Silver Coin 0 0 37,700 17,500 55,200
War in the Pacific 5 Oz Silver Coin 0 0 2,500 500 72,500
American Memorial Park 5 Oz Silver Coin* 0 0 0 0 80,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

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