Gold and silver futures on Monday succumbed to follow-through selling from Friday’s better-than-expected U.S. jobs report.
Gold for December delivery shed $3.10, or 0.2%, to settle at $1,341.30 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since July 28.
"We suspect the [precious metals] group will likely remain under pressure over the short term, given the backdrop of firmer equities and a rising dollar," Bloomberg News quoted Edward Meir, an analyst at INTL FCStone in New York.
Gold futures ranged from a low of $1,335.30 to a high of $1,343.90. They fell 1% last week.
In other dealings, silver for September delivery dipped 1.2 cents, or less than 0.1%, to close at $19.805 an ounce. The settlement is the lowest since July 26. Silver futures traded between $19.51 and $19.89. They declined last week by 2.6%.
In other precious metals futures:
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October platinum gained $3.90, or 0.3%, to $1,155.40 an ounce, ranging from $1,145.50 to $1,160.
- Palladium for September delivery lost $3, or 0.4%, to $693.30 an ounce, trading between $688.60 and $700.95.
In their changes last week, platinum gained less than 0.1% while palladium declined 1.9%.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold shed $3.60, or 0.3%, to $1,336.80 an ounce.
- Silver declined 56 cents, or 2.8, to $19.66 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, London silver and platinum logged increases of 0.9% and 0.3% while gold and palladium posted declines of 0.1% and 1.1%.
US Mint Bullion Coin Sales in 2016
United States Mint bullion sales advanced by 150,000 ounces in American Silver Eagles and 13,000 ounces in American Eagle and Buffalo gold coins. They one-day tallies are higher than last week, when gold and silver coins logged their lowest weekly advances of the year.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods of time. Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Monday Sales | Last Week | July Sales | Aug Sales | 2016 Sales | |
| $100 American Eagle 1 Oz Platinum Coins | 0 | 0 | 19,000 | 0 | 19,000 |
| $50 American Eagle 1 Oz Gold Coins | 10,000 | 5,000 | 30,000 | 15,000 | 451,000 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 0 | 2,000 | 0 | 48,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 0 | 10,000 | 0 | 96,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 15,000 | 5,000 | 50,000 | 20,000 | 575,000 |
| $50 American Buffalo 1 Oz Gold Coins | 1,500 | 0 | 10,000 | 1,500 | 124,000 |
| $1 American Eagle 1 Oz Silver Coins | 150,000 | 75,000 | 1,370,000 | 225,000 | 27,845,500 |
| 2016 Shawnee 5 Oz Silver Coins* | 0 | 0 | 0 | 0 | 105,000 |
| 2016 Cumberland Gap 5 Oz Silver Coins* | 0 | 0 | 0 | 0 | 75,000 |
| 2016 Harpers Ferry 5 Oz Silver Coins | 0 | 0 | 0 | 0 | 34,200 |
