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|