Gold Dips to 3-Week Low; Silver Gains

Gold bullion and nuggets
On Tuesday, gold edged lower while other precious metals advanced

Gold futures kicked off the new trading week on Tuesday with a very modest decline, yet marked a fourth straight session loss and a three-week low. Markets in the U.S. closed on Monday for Labor Day.

Gold for December delivery inched down 40 cents to settle at $1,121 an ounce on the Comex division of the New York Mercantile Exchange. The close is the weakest since Aug. 18.

"The global decline of commodities and steady appreciation of the [U.S. dollar] continues to add pressure on this precious metal," MarketWatch quoted Lukman Otunuga, research analyst at FXTM. "If data from the United States this week is robust, then more pressure may be experienced for gold which may trigger a selloff to the next relevant support at $1,110 [an ounce].

The precious metal traded from a low of $1,114.70 to a high of $1,126. Gold prices fell 1.1% last week.

Advancing for the seventh time in eight sessions, silver for December delivery tacked on 21 cents, or 1.4%, to settle at $14.76 an ounce. Silver prices ranged from $14.44 to $14.88. They slipped 1.1% on Friday and ended flat for the week.

In rounding out the precious metals market:

  • October platinum gained $10.50, or 1.1%, to $1,002.90 an ounce, trading between $980.10 and $1,012.20.

  • Palladium for December delivery advanced $9.40, or 1.6%, to $586.55 an ounce, ranging from $572.10 to $598.50.

London Precious Metals Prices

Earlier fixed London gold and silver prices turned up slightly. In comparing prices from Monday PM to Tuesday PM:

  • Gold added $1.65, or 0.2%, to $1,121.15 an ounce.
  • Silver rose 9 cents, or 0.6%, to $14.63 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 September

United States Mint bullion sales were unchanged Tuesday as of 3:52 p.m. ET Below is a listing of United States Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday Sales Last Week August Sales Sept Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 28,500 78,500 19,500 441,000
$25 American Eagle 1/2 Oz Gold Coins 0 3,000 8,000 2,000 56,000
$10 American Eagle 1/4 Oz Gold Coins 0 8,000 24,000 2,000 124,000
$5 American Eagle 1/10 Oz Gold Coins 0 80,000 130,000 45,000 700,000
$50 American Buffalo 1 Oz Gold Coins 0 8,000 20,000 5,500 154,000
$1 American Eagle 1 Oz Silver Coins 0 1,000,000 4,935,000 245,000 32,495,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000


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