Gold Snaps 7-Session Losing Streak

Several Gold Bullion Bars
Gold posted its first gain in eight sessions. Other precious metals declined.

Gold futures inched higher to start the new trading week on Monday, snapping a seven-session losing streak to hang just above a three-month low. Silver, meanwhile, extended its losses to six straight sessions and closed at an eight-week low.

Gold for December delivery edged up 40 cents to $1,088.10 an ounce on the Comex division of the New York Mercantile Exchange.

"There is not a whole lot to read into in the gold market right now as the primary, and only, notable influence on the precious-metals market is [Federal Reserve] policy speculation," said analysts for The 7:00’s Report according to MarketWatch. "As the hawkish drumbeat gets louder, the outlook for gold gets more and more bearish for the medium term."

The precious metal ranged from a low of $1,087.40 to a high of $1,094.90. Gold prices plunged last week by 4.7%, their third straight weekly decline. They settled Friday at their lowest level since Aug. 5.

Silver for December delivery declined 28 cents, or 1.9%, to close at $14.41 an ounce. The settlement was the lowest since Sept. 15 when prices ended at $14.33 an ounce. Silver prices ranged from $14.40 to $14.76. They plummeted 5.6% last week.

In other precious metals futures on Monday:

  • January platinum fell $25.60, or 2.7%, to $914.40 an ounce, trading between $910.30 and $943.20.

  • Palladium for December delivery declined $16, or 2.6%, to settle at $596.95 an ounce, ranging from $595 to $621.20.

Last week, platinum lost 5% and palladium dived 9.5%.

London Precious Metals Prices

Earlier fixed London gold and silver prices were divided. In comparing their prices from Friday PM to Monday PM:

  • Gold added 70 cents to $1,089.60 an ounce.
  • Silver lost 30 cents, or 2%, to $14.78 an ounce.

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

London bullion prices last week logged declines of 4.7% for both gold and silver, 5% for platinum and 10.5% for palladium.

US Mint Bullion Coin Sales in October

United States Mint bullion sales were unchanged as of 3:23 p.m. ET. Earlier Monday, the U.S. Mint announced a weekly Silver Eagle allocation of 1.1 million coins. The agency has restricted sales of bullion American Silver Eagles since temporarily running out of them in early July.

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)
Monday Sales Last Week / November Oct Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 4,500 26,000 550,500
$25 American Eagle 1/2 Oz Gold Coins 0 0 4,000 67,000
$10 American Eagle 1/4 Oz Gold Coins 0 2,000 4,000 148,000
$5 American Eagle 1/10 Oz Gold Coins 0 30,000 50,000 910,000
$50 American Buffalo 1 Oz Gold Coins 0 4,500 10,500 185,500
$1 American Eagle 1 Oz Silver Coins 0 1,079,500 3,788,000 40,922,000
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
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