Gold and other precious metals moved lower to start the new trading week Monday after logging mostly solid gains last week.
Gold for February delivery shed $10.70, or 0.8%, to close at $1,203.30 an ounce on the Comex division of the New York Mercantile Exchange. Trading volume was thin, and is expected to remain anemic for most of this week due to breaks on and around New Year’s Day. Gold prices ranged from $1,200.20 and $1,215.80.
"For the time being, price moves will be exaggerated by the lack of liquidity … but in the absence of any fresh macro news, I don’t think we are going to break below $1,190 or above $1,225," Reuters quoted MKS SA head of trading Afshin Nabavi.
Gold prices last week rose 0.9% but they are poised for a more than 28% loss on the year.
Silver on Monday was the biggest percentage loser among precious metals. Silver for March delivery settled at $19.62 an ounce, falling 43.4 cent, or 2.2%. The white metal traded from a low of $19.54 to a high of $20.18. Silver prices last week rallied 3.1%.
In other precious metals futures on Monday:
April platinum turned down $11.70, or 0.9%, to $1,367.20 an ounce, ranging from $1,357.30 to $1,380.20.
- Palladium for March delivery dipped $1.15, or 0.2%, to $710.80 an ounce, trading between $708.55 and $716.85.
Advances for the PGMs last week totaled 3.5% for platinum and 1.9% for palladium.
London Fix Precious Metals
London precious metals fixings were mixed Monday with all but palladium lower. When comparing the London fix prices from Friday PM to Monday PM:
- Gold declined $10, or 0.8%, to $1,204.50 an ounce,
- Silver dropped 27 cents, or 1.4%, to $19.65 an ounce,
- Platinum fell $17, or 1.2%, to $1,357 an ounce, and
- Palladium added $5, or 0.7%, to $716 an ounce
Last week, London precious metals scored gains of 1.6% for gold, 3.1% for silver, 3.5% for platinum and 1.6% for palladium.
US Mint Bullion Sales in December
Sales totals for United States Mint bullion coins were unchanged Monday.
Last week, American Gold Eagle coin sales at 17,000 ounces were the second highest since the week ended July 5. Sales for the coins this week will smash those points with new 2014-dated issues launching on Thursday, Jan. 2, 2014. The new 2014 American Buffalo gold coins also debut Thursday.
All U.S. Mint silver bullion coins with 2013 dates have sold out. The new 2014 American Silver Eagle coins go on sale Jan. 13, 2014. The first 2014 America the Beautiful Silver Bullion Coin is not expected out until Jan. 27, 2014.
Listed below are United States Mint bullion sales for the month through Dec. 30, 2013 and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Monday / Week-To-Date Sales||Last Week||December Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||17,000||53,500||743,500|
|$25 American Eagle Gold Bullion Coins||0||0||0||58,000|
|$10 American Eagle Gold Bullion Coins||0||0||4,000||122,000|
|$5 American Eagle Gold Bullion Coins||0||0||15,000||535,000|
|$50 American Buffalo Gold Bullion Coins||0||0||7,000||239,000|
|White Mountain 5 oz. Silver Bullion Coins||Sold Out||4,300||35,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||30,000|
|Great Basin 5 oz. Silver Bullion Coins||30,000|
|Fort McHenry 5 oz. Silver Bullion Coins||30,000|
|Mount Rushmore 5 oz. Silver Bullion Coins||35,000|
|American Eagle Silver Bullion Coins||1,200,000||42,675,000|
In numismatic news, the U.S. Mint ends its last chance sale at Noon ET on Tuesday, Dec. 31.