Gold settled lower for the fourth time in five sessions Wednesday, pressured as the U.S. dollar advanced against other world currencies.
Gold for December delivery lost $17.40, or 1.3%, to close at $1,307.20 an ounce on the Comex division of the New York Mercantile Exchange. It traded from an intraday low of $1,294.60 to a high of $1,323.30. The precious metal dipped 50 cents on Tuesday.
"Gold and silver saw strong selling pressure due to the key ‘outside markets’ being in a fully bearish daily posture Wednesday — a sharply higher U.S. dollar index and sharply lower crude oil prices," said Jim Wyckoff, a senior analyst at Kitco Inc. "Technical selling was also featured in gold and silver markets, with gold hitting sell stops in early U.S. dealings."
Silver for December delivery tumbled 55.2 cents, or 2.5%, to finish at $21.89 an ounce. It traded from $21.75 to $22.41. Silver prices climbed 5.7 cents, or 0.3%, in the prior session.
In rounding out precious metals futures:
January platinum declined $20.70, or 1.5%, to $1,383 an ounce after gaining $1.80, or 0.1% on Tuesday. Prices on the day ranged from $1,377.70 to $1,405.80.
- Palladium for December delivery fell $10.80, or 1.5%, to $704.10 an ounce after rising $9.55, or 1.4% on Tuesday. Palladium traded between $702.30 and $731.80.
London Fix Precious Metals
London precious metals fixings were lower as well. In contrasting the Tuesday PM to Wednesday PM London fix prices:
- Gold lost $25.50, or 1.9%, to $1,304 an ounce,
- Silver shed 20 cents, or 0.9%, to $22.10 an ounce,
- Platinum declined $22, or 1.6%, to $1,385 an ounce, and
- Palladium dipped $5, or 0.7%, to $707 an ounce
U.S. Mint Bullion Sales in October
Sales totals for United States Mint bullion coins were unchanged Wednesday after rising in the prior two days. Current sales figures by bullion type are shown in the following table:
|American Eagle and Buffalo Bullion Sales|
|Wednesday Sales||Last Week||Week-To-Date Sales||October Sales||YTD Sales|
|$50 American Gold Eagle Bullion Coins||0||2,000||3,000||5,000||610,000|
|$25 American Gold Eagle Bullion Coins||0||1,000||0||1,000||54,000|
|$10 American Gold Eagle Bullion Coins||0||2,000||0||2,000||106,000|
|$5 American Gold Eagle Bullion Coins||0||5,000||0||5,000||470,000|
|$50 American Buffalo Gold Bullion Coins||0||4,500||1,000||5,500||205,500|
|White Mountain 5 oz. Silver Bullion Coins||Sold Out||35,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||1,200||0||1,200||26,200|
|Great Basin 5 oz. Silver Bullion Coins||0||2,200||0||2,200||27,200|
|Fort McHenry 5 oz. Silver Bullion Coins||0||2,000||600||2,600||27,600|
|American Silver Eagle Bullion Coins||0||675,000||679,500||866.500||36,954,500|