Gold, silver and other precious metals declined Wednesday.
Gold futures for December delivery lost $22, or 1.6%, to settle at $1,390 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since August 22. Prices traded from $1,384.60 to $1,415.
"Gold prices ended the U.S. day session solidly lower Wednesday, on profit taking from short-term traders and on a technical correction from recent gains," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note. "The geopolitical tensions in the market place eased just a bit Wednesday, which also helped to limit any new safe-haven demand for gold."
Gold prices rallied in the previous session by $15.90, or 1.1%.
Silver dropped the most in percentage after leading gains in the prior session. Silver futures for December delivery plunged $1.01, or 4.2%, to close at $23.42 an ounce. The settlement price was also the lowest since August 22. Prices ranged from $23.38 to $24.43. Silver on Tuesday surged 91.6 cents, or 3.9%.
Percent losses in PGMs fell in between gold and silver. In their closings on Wednesday:
Snapping a two-session winning streak, October platinum declined $43.50, or 2.8%, to settle at $1,494.70 an ounce. Platinum traded between $1,490.80 and $1,540.10.
- Down for a fifth consecutive session, palladium for December delivery lost $19.70, or 2.7%, to $698.25 an ounce. Palladium prices ranged from $693.70 to $720.20.
London Fix Precious Metals
London precious metal fixings were lower as well. In contrasting the Tuesday PM to Wednesday PM London fix prices:
- Gold shed $9.50, or 0.7%, to $1,390 an ounce,
- Silver fell 50 cents, or 2.1%, to $23.71 an ounce,
- Platinum lost $33, or 2.2%, to $1,496 an ounce, and
- Palladium declined $25, or 3.5%, to $699 an ounce
U.S. Mint Bullion Sales in September
U.S. Mint distributors picked up modest amounts of gold coins and a decent number of silver coins. A breakdown by bullion product follows:
|American Eagle and Buffalo Bullion Sales|
|Wednesday Sales||Last Week||Week-To-Date / September Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||1,000||4,000||1,000||597,500|
|$25 American Eagle Gold Bullion Coins||1,000||0||1,000||49,000|
|$10 American Eagle Gold Bullion Coins||0||2,000||0||100,000|
|$5 American Eagle Gold Bullion Coins||0||0||0||455,000|
|$50 American Buffalo Gold Bullion Coins||500||1,500||500||190,500|
|White Mountain 5 oz. Silver Bullion Coins||0||1,200||0||31,200|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||1,200||0||23,600|
|Great Basin 5 oz. Silver Bullion Coins||0||2,900||0||22,000|
|Fort McHenry 5 oz. Silver Bullion Coins||500||10,800||500||10,800|
|American Silver Eagle Bullion Coins||675,000||1,179,000||675,000||33,750,000|
Figures above are in the number of coins sold, not in ounces.