Gold ended the midweek trading session at its lowest price in nearly a week, logging a third day of losses and the biggest one since July 7. Fed Chairman Ben Bernanke’s testimony before Congress ended Wednesday as he all but closed the door on more QE, deepening investors’ disappointment.
"No doubt, the gold bulls will seize on the fact that further stimulus is not off the table, but it is not going to happen for a while, if it ever does, and as such the upside for gold remains limited to my mind. We are still in the same ranges," Marex Spectron said in a note reported on Reuters.
"I see no reason for the time being for that to change. The market remains thin, with low volumes and no real interest."
Gold prices for August delivery declined $18.70, or 1.2%, to settle at $1,570.80 an ounce on the Comex in New York. The settlement is the lowest since July 12. Prices ranged from an intraday low of $1,567.20 to a high of $1,585.70.
In other New York bullion futures:
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Silver prices for September traded down 22.1 cents, or 0.8%, to $27.095 an ounce. Prices moved between $26.850 and $27.345.
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Platinum prices for October delivery fell $16.50, or 1.2%, to $1,404.20 an ounce, ranging from $1,403.00 to $1,421.50.
- Palladium prices for September delivery shed $5.80, or 1.0%, to $577.55 an ounce, ranging from $575.50 to $584.05.
London Precious Metals
Earlier fixed London precious metals were lower as well. In comparing the latest London PM fixings:
- Gold lost $10.00, or 0.6%, to $1,575.25 an ounce,
- Silver declined 39.0 cents, or 1.4%, to $27.03 an ounce,
- Platinum fell $14.00, or 1.0%, to $1,405.00 an ounce, and
- Palladium dropped $7.00, or 1.2%, to $576.00 an ounce
U.S. Mint Bullion Coin Sales
For a second day, sales of U.S. Mint bullion coins were unchanged. The following are the latest daily, July and year-to-date bullion coin sales totals as published by the U.S. Mint.
| Sale of US Mint American Eagle and Buffalo Bullion Coins | |||
|---|---|---|---|
| Daily Gains | July Gains | YTD 2012 | |
| $50 American Gold Eagle Coins | 0 | 17,000 | 302,000 |
| $25 American Gold Eagle Coins | 0 | 0 | 56,000 |
| $10 American Gold Eagle Coins | 0 | 2,000 | 54,000 |
| $5 American Gold Eagle Coins | 0 | 0 | 175,000 |
| $50 American Buffalo Gold Coin | 0 | 1,500 | 76,500 |
| American Eagle Silver Coin | 0 | 1,003,000 | 18,395,000 |
| Sales of America the Beautiful 5 Oz. Bullion Silver Coins | |||
|---|---|---|---|
| Daily Gains | July Gains | All-Time Total | |
| 2012 El Yunque National Forest 5 oz. Silver Bullion Coins | 0 | 1,500 | 11,400 |
| 2012 Chaco Culture National Historical Park 5 oz. Silver Bullion Coins | 0 | 2,700 | 5,900 |
| 2011 Olympic National Park 5 oz. Silver Bullion Coins | 0 | 100 | 85,300 |
| 2011 Vicksburg National Military Park 5 oz. Silver Bullion Coins | 0 | 0 | 38,600 |
| 2011 Chickasaw Park 5 oz. Silver Bullion Coins | 0 | 0 | 28,900 |
| TOTAL | 0 | 4,300 | 170,100 |
The above U.S. Mint bullion coin sales are in coin totals, not the amount of ounces sold.
