Gold Prices End at 7-Week Low

Single gold bar
Gold and silver futures closed at multi-week lows

Precious metals continued their downward march Wednesday. Gold futures logged a fifth straight session decline and closed at a seven-week low.

Gold for December delivery settled down $7.90, or 0.7%, to $1,106.20 an ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since Sept. 15 when prices ended at $1,102.60 an ounce. The precious metal traded from a low of $1,105.60 to a high of $1,122.30. Gold prices have turned down 3.1% this week.

"The last few weeks of price action in gold has underscored that gold is almost entirely dependent on Fed policy speculation," said analysts in The 7:00’s Report according to MarketWatch.

"If the consensus of analysts, economists and traders are dovish, we should be long gold," they said. "If that changes, as it quickly did last week, and turns to favor the hawks, we should be short gold near term — simple as that."

Falling for a third session in a row, silver for December delivery lost 18 cents, or 1.2%, to settle at $15.06 an ounce. The close was the lowest since Oct. 1 when silver ended at $14.51 an ounce. Silver prices ranged from $15.05 to $15.33. They are down on the week by 3.3%.

In rounding out the precious metals complex:

  • January platinum fell $7.40, or 0.8%, to $954.80 an ounce, trading between $953 and $977.

  • Palladium for December delivery dived $20.60, or 3.2%, to $623.40 an ounce, ranging from $621 to $651.65.

London Precious Metals Prices

Earlier fixed London gold and silver prices also declined. In comparing their prices from Tuesday PM to Wednesday PM:

  • Gold fell $8.40, or 0.8%, to $1,114.70 an ounce.
  • Silver slipped 12 cents, or 0.8%, to $15.26 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales in October

United States Mint bullion sales were unchanged as of 3:11 p.m. ET. Below is a listing of U.S. 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)
Wednesday Sales Last Week This Week / November Oct Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 3,500 1,500 26,000 547,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 0 4,000 67,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 0 4,000 146,000
$5 American Eagle 1/10 Oz Gold Coins 0 5,000 25,000 50,000 905,000
$50 American Buffalo 1 Oz Gold Coins 0 500 500 10,500 181,500
$1 American Eagle 1 Oz Silver Coins 0 856,500 763,500 3,788,000 40,606,000
2015 Homestead 5 Oz Silver Coins* Sold Out 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000
2015 Bombay Hook 5 Oz Silver Coins* 45,000
Notify of
Inline Feedbacks
View all comments