Gold futures on Wednesday slipped from a three and a half month high while silver prices fell for the first time in five sessions and from a four and a half month high.
Gold for December delivery edged down $1.40, or less than 0.1%, to settle at $1,418.80 an ounce on the Comex division of the New York Mercantile Exchange. Trading occurred through an intraday range of $1,413.20 to $1,434.
"The gold and silver markets are going through a period of higher volatility, having strongly advanced for two solid weeks, but generally they are benefiting from their safe-haven status and the trend is definitely higher," MarketWatch quoted Gene Arensberg, editor of the Got Gold Report.
Gold futures in the previous session surged $27.10, or 2%, to finish at their highest price since May 14.
Silver prices for September delivery shed 26 cents, or 1.1%, to end at $24.39 an ounce. Silver futures traded between $24.22 and $25.12. In the prior session, they rallied 64.1 cents, or 2.7%, to settle at the highest price since April 12.
In PGMs on Wednesday:
Platinum scored it fourth increase in five sessions. October platinum gained $8, or 0.5%, to $1,540.10 an ounce. The metal traded between $1,516 and $1,546.60.
- Palladium for December delivery — now the new most-active contract — fell $3, or 0.4%, to $748.25 an ounce. It ranged from $737 to $752.05. Palladium has fallen three times in the last four sessions.
London Fix Precious Metals
London precious metal fixings were mixed with gold and silver higher and PGMs lower. When comparing the Tuesday PM to Wednesday PM London Fix prices:
- Gold was almost unchanged, up 25 cents to $1,419.50 an ounce,
- Silver prices advanced 45 cents, or 1.9%, to $24.74 an ounce,
- Platinum declined $18, or 1.2%, to $1,528 an ounce, and
- Palladium dipped $3, or 0.4%, to $744 an ounce
U.S. Mint Bullion Sales
Sales totals for United States Mint bullion coins were unchanged Wednesday. U.S. Mint bullion sales on the day, the week, the month and year-to-date follow.
|American Eagle and Buffalo Bullion Sales|
|Wednesday Sales||Last Week||Week-To-Date Sales||August Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||3,500||3,500||8,500||596,000|
|$25 American Eagle Gold Bullion Coins||0||0||0||1,000||48,000|
|$10 American Eagle Gold Bullion Coins||0||4,000||2,000||6,000||100,000|
|$5 American Eagle Gold Bullion Coins||0||0||0||5,000||455,000|
|$50 American Buffalo Gold Bullion Coins||0||4,000||1,000||9,500||189,500|
|White Mountain 5 oz. Silver Bullion Coins||0||100||1,100||1,200||31,100|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||1,300||1,100||2,700||23,500|
|Great Basin 5 oz. Silver Bullion Coins||0||1,700||2,800||4,500||21,900|
|Fort McHenry 5 oz. Silver Bullion Coins||0||N/A||10,200||10,200||10,200|
|American Silver Eagle Bullion Coins||0||850,000||1,179,000||3,625,000||33,075,000|
Figures above are in the number of coins sold, not in ounces.