Gold ended below the key $1,300 an ounce level on Tuesday, driving its losing streak to a sixth session and for the longest one in 11 weeks.
Gold for December delivery settled down $19.90, or 1.5%, to $1,282.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since July 17. Gold traded from an intraday low of $1,278.10 to a high of $1,306.40.
"The downward pressure in gold is testament to the belief that tapering is likely to start sooner rather than later," Carlos Perez-Santalla, a New York-based broker at Marex North America LLC, said in a telephone interview according to Bloomberg News. "The mood is very bearish."
In rounding out New York precious metals futures on Tuesday:
Silver for September delivery declined 19.6 cents, or 1%, to $19.52 an ounce, trading between $19.46 and $19.78.
October platinum fell $20.30, or 1.4%, to $1,427.80 an ounce, ranging from $1,422.50 to $1,454.70.
Palladium for September delivery shed $12.40, or 1.7%, to $722.80 an ounce, trading between $716.45 and $732.90.
London Fix Precious Metals
London precious metals fixings were mostly lower. When comparing the Monday PM to Tuesday PM London Fix prices:
- Gold lost $24.25, or 1.9%, to $1,280.50 an ounce,
- Silver edged up 2 cents, or 0.1%, to $19.78 an ounce,
- Platinum declined $14, or 1%, to $1,430 an ounce, and
- Palladium fell $9, or 1.2%, to $724 an ounce
US Bullion Coin Sales
Sales for United States Mint bullion products climbed Tuesday with the 24-karat Gold Buffalo advancing 1,500 and the 99.9% pure American Silver Eagle gaining 792,000.
For the Silver Eagles, the increase lifted their year-to-date sales above 30 million. Until Tuesday, the quickest that had ever happened was in record year 2011 when the coins topped the level by September 19, 2011.
The following are the available daily, August and year-to-date bullion coin sales totals as published by the United States Mint.
|American Eagle and Buffalo Bullion Coin Sales|
|Tuesday Sales||Last Week||Week-To-Date Sales||August Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||12,500||0||0||587,500|
|$25 American Eagle Gold Bullion Coins||0||1,000||0||1,000||48,000|
|$10 American Eagle Gold Bullion Coins||0||2,000||0||0||94,000|
|$5 American Eagle Gold Bullion Coins||0||10,000||0||0||450,000|
|$50 American Buffalo Gold Bullion Coins||1,500||6,000||1,500||2,500||182,500|
|White Mountain 5 oz. Silver Bullion Coins||0||0||0||0||29,900|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||0||0||0||20,800|
|Great Basin 5 oz. Silver Bullion Coins||0||0||0||0||17,400|
|American Silver Eagle Bullion Coins||792,000||950,000||792,000||0||30,242,000|
Figures above are in the number of coins sold, not in ounces.