Gold and silver extended their losing streaks on Wednesday, with gold down for five sessions and silver for three. Fed Chair Janet Yellen’s congressional testimony, noting the central bank remained on track to raise rates this year, pressured precious metals markets.
Gold for August delivery declined $6.10, or 0.5%, to settle at $1,147.40 an ounce on the Comex division of the New York Mercantile Exchange.
Yellen’s remarks "added up to the weakness in gold and the support for the U.S. dollar," Eugen Weinberg, the head of commodities research at Commerzbank AG in Frankfurt, said in a telephone interview according to Bloomberg News.
Gold prices traded from a low of $1,141.90 to a high of $1,155.80. They have fallen $16.10, or 1.4%, in the last five sessions.
Silver for September delivery tumbled 27 cents, or 1.7%, to close at $15.05 an ounce. Silver prices ranged from $14.96 to $15.36. They have dropped 43 cents, or 2.8%, since last ending higher on Friday.
In other precious metals futures on Wednesday:
-
October platinum lost $6.70, or 0.7%, to $1,021.70 an ounce, trading between $1,014 and $1,031.80.
- Palladium for September declined $14.20, or 2.2%, to $642.90 an ounce, ranging from $637 to $659.85.
London Precious Metals Prices
London gold and silver prices were divided for a second day in a row. In comparing London bullion prices from Tuesday PM to Wednesday PM:
- Gold declined $10.40, or 0.9%, to $1,147 an ounce, and
- Silver edged up 3 cents, or 0.2%, to $15.31 an ounce.
LBMA platinum and palladium prices are displayed on the LBMA’s website with a delay of midnight after the setting of the prices each day.
US Mint Bullion Coin Sales in July
Sales of United States Mint bullion gold coins advanced by 5,500 ounces. Silver sales remained muted. The agency’s American Silver Eagles are not expected to return from their temporary suspension until next week.
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. Those with a double asterisk (**) are temporarily unavailable.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Wednesday Sales | Last Week | This Week | June Sales | July Sales | YTD Sales | |
| $50 American Eagle 1 Oz Gold Coins | 3,500 | 47,000 | 7,000 | 62,500 | 63,000 | 261,500 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 1,000 | 1,000 | 4,000 | 3,000 | 39,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 2,000 | 8,000 | 4,000 | 12,000 | 16,000 | 86,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 5,000 | 50,000 | 15,000 | 85,000 | 70,000 | 460,000 |
| $50 American Buffalo 1 Oz Gold Coins | 1,000 | 5,500 | 2,000 | 21,000 | 10,000 | 106,500 |
| $1 American Eagle 1 Oz Silver Coins** | 0 | 1,927,000 | 0 | 4,840,000 | 2,709,000 | 24,495,000 |
| 2015 Homestead 5 Oz Silver Coins* | – | 35,000 | ||||
| 2015 Kisatchie 5 Oz Silver Coins* | – | 42,000 | ||||
| 2015 Blue Ridge Parkway 5 Oz Silver Coins | 0 | – | 5,700 | 35,000 | 5,700 | 40,700 |
