Gold and silver prices tumbled 1.7% Tuesday, their lowest levels since June. Declines following the extended U.S. Labor Day Weekend were attributed to strength in the dollar, which surged to a more than one year high.
Gold for December delivery declined $22.40 to close at $1,265 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since June 17.
"Gold prices ended the U.S. day session solidly lower and hit a 10-week low Tuesday. A stronger U.S. dollar index that hit a 13-month high and sharply lower crude oil prices sunk the yellow metal," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
"No major geopolitical flare-ups during the long U.S. holiday weekend also prompted weak long liquidation in gold futures. Technical selling pressure was also featured in the futures markets as pre-placed sell stop orders were triggered when prices breached chart support levels."
Gold prices ranged from a low of $1,263.10 to a high of $1,290.90.
Silver for December delivery shed 34 cents to $19.15 an ounce. The white metal traded from $19.11 to $19.57.
Elsewhere in precious metals trading:
October platinum dropped $15.80, or 1.1%, to $1,408.90 an ounce, ranging from $1,408.10 to $1,430.40.
- Palladium for December delivery tumbled $26.30, or 2.9%, to $883.25 an ounce, trading between $881.55 and $913.
London Fix Precious Metals
Earlier fixed London precious metals declined as well. When comparing London bullion Fix prices and the LBMA Silver Price from Monday PM to Tuesday PM:
- Gold lost $19.50, or 1.5%, to $1,267 an ounce,
- Silver fell 29 cents, or 1.5%, to $19.20,
- Platinum declined $11, or 0.8%, to $1,412 an ounce, and
- Palladium dropped $24, or 2.6%, to $887 an ounce
US Mint Bullion Sales in August
United States Mint bullion sales were unchanged Tuesday as of 3:11 PM ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, last month and the year to date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Sales Last Week||August Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||0||0||700||13,600|
|$50 American Eagle Bullion Gold Coins||0||5,000||21,000||245,500|
|$25 American Eagle Bullion Gold Coins||0||0||0||27,000|
|$10 American Eagle Bullion Gold Coins||0||4,000||6,000||84,000|
|$5 American Eagle Bullion Gold Coins||0||0||25,000||410,000|
|$50 American Buffalo Bullion Gold Coins||0||1,500||8,000||125,000|
|$1 American Eagle Silver Bullion Coins||0||397,500||2,007,500||28,111,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||0||29,500|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||500||500||20,500|
|Arches National Park 5 Oz Silver Bullion Coins||0||1,200||1,200||21,200|
|Great Sand Dunes 5 Oz Silver Bullion Coins||0||7,500||7,500||7,500|