Gold prices declined for a fourth session in a row on Wednesday and settled at a more than two-week low.
Gold for August delivery fell $3.70, or 0.3%, to close at $1,172.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since June 5.
"Gold continues to struggle with multiple headwinds," Reuters quoted Saxo Bank head of commodity research Ole Hansen. "But we have nevertheless managed to find some support towards $1,170 … Industrial metals and platinum seems to be on the mend and that may indirectly provide some support."
Gold prices traded from a low of $1,168.10 to a high of $1,179.70. They have dropped by a combined 2.4% since last ending higher on Thursday.
Silver for July delivery advanced 12 cents, or 0.7%, to settle at $15.85 an ounce. Silver prices ranged from $15.72 to $15.89. On Tuesday, they plunged by 41 cents or 2.5%.
In PGM futures on Wednesday:
July platinum rose $6.60, or 0.6%, to $1,074.10 an ounce, trading between $1,064.80 and $1,074.70.
- Palladium for September delivery edged down a nickel to $695.70 an ounce, ranging from $693.50 to $703.90.
London Precious Metals Prices
Earlier fixed London precious metals prices were mixed to flat. In comparing London bullion prices from Tuesday PM to Wednesday PM:
- Gold fell $4.25, or 0.4%, to $1,173.75 an ounce,
- Silver was unchanged at $15.96 an ounce,
- Platinum added $6, or 0.6%, $1,067 an ounce, and
- Palladium rose $7, or 1%, to $700 an ounce.
US Mint Bullion Coin Sales in June
United States Mint bullion sales were unchanged. Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Wednesday Sales||Last Week||Current Week||May Sales||June Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||18,000||6,000||13,500||44,000||180,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||2,000||0||3,000||2,000||34,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||6,000||0||10,000||8,000||66,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||20,000||10,000||40,000||65,000||370,000|
|$50 American Buffalo 1 Oz Gold Coins||0||6,500||2,500||9,500||15,000||90,500|
|$1 American Eagle 1 Oz Silver Coins||0||975,000||680,000||2,023,500||3,280,000||20,226,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||12,000||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins||–||35,000||N/A||35,000||35,000|