Gold gave back earlier gains on Wednesday as the U.S. dollar rallied following a modest bout of weakness after hitting a four-year high last week.
Gold for December delivery declined $3.90, or 0.3%, to settle at $1,159.10 an ounce on the Comex division of the New York Mercantile Exchange.
"The overall backdrop is still negative, with the dollar tilting towards strength and continued ETF outflows due to continued rises in U.S. stock markets," Reuters quoted Commerzbank analyst Carsten Fritsch.
Gold prices ranged from a low of $1,159.60 to a high of $1,169.40. They advanced in prior session by $3.20, or 0.3%.
Silver for December delivery shed 5.5 cents, or 0.4%, to $15.62 an ounce, trading between $15.55 and $15.77. Silver climbed less than a cent on Tuesday.
In PGM futures on Wednesday:
January platinum turned down $1.40, or 0.1%, to $1,205.30 an ounce, ranging from $1,199.90 to $1,211.60.
- Palladium for December delivery added 95 cents, or 0.1%, to $773.65 an ounce, trading between $769.65 and $783.75.
London Fix Precious Metals
Earlier fixed London precious metals advanced. In contrasting London bullion Fix prices from Tuesday PM to Wednesday PM:
- Gold rose $8, or 0.7%, to $1,164.50 an ounce,
- Silver gained a nickel, or 0.3%, to $15.62 an ounce,
- Platinum edged up $9, or 0.8%, to $1,204 an ounce, and
- Palladium rose $11, or 1.4%, to $776 an ounce
US Mint Bullion Coin Sales in November
United States Mint bullion coin sales were unchanged Wednesday as of 4:13 p.m. ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold last week, this week, last month, in November and the year to date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||Current Week||October Sales||November Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||N/A||400||N/A*||16,700|
|$50 American Eagle Bullion Gold Coins||0||29,000||1,000||57,500||30,000||383,500|
|$25 American Eagle Bullion Gold Coins||0||2,000||0||6,000||2,000||40,000|
|$10 American Eagle Bullion Gold Coins||0||4,000||4,000||8,000||8,000||108,000|
|$5 American Eagle Bullion Gold Coins||0||15,000||15,000||50,000||30,000||520,000|
|$50 American Buffalo Bullion Gold Coins||0||6,000||500||21,000||6,500||167,000|
|$1 American Eagle Silver Bullion Coins||0**||1,260,000||0||5,790,000||1,260,000||39,381,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||0||0||0||33,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||400||0||900||400||22,800|
|Arches National Park 5 Oz Silver Bullion Coins||0||0||0||0||0||22,000|
|Great Sand Dunes 5 Oz Silver Bullion Coins||0||600||0||4,200||600||16,800|
|Everglades 5 Oz Silver Bullion Coins||0||22,000||0||N/A||22,000||22,000|
*The U.S. Mint stopped selling bullion Platinum Eagles on Oct. 1. The agency will begin selling 2015-dated issues in early January.
**Sales of the agency’s most popular bullion coin, the one-ounce American Silver Eagle, have been on hold since they sold out on Nov. 5. The Mint will resume bullion Silver Eagle sales on Nov. 17.