Precious metals futures changed little Tuesday, with both gold and silver closing less than 0.1% from their prior-day gains.
Gold for December delivery edged up 40 cents to settle at $1,318.20 an ounce on the Comex division of the New York Mercantile Exchange. Investors are in a holding pattern, opined analysts, until the conclusion of the Fed’s monetary policy meeting.
"We remain completely spellbound by the Fed, and ahead of today and tomorrow’s meeting the markets will do very little," said David Govett, head of precious metals trading at Marex Bloomberg News quoted Group in London. "So sit back, make yourself comfortable and wait for the fireworks, or lack of, tomorrow."
Gold futures ranged from a low of $1,315.20 to a high of $1,321.10. They climbed 0.6% in the previous session.
Meanwhile, silver for December delivery shed 1.3 cents to settle at $19.277 an ounce. Silver futures traded between $19.14 and $19.37. In starting the week on Monday, they rallied 2.3%.
In other rounding out precious metals trading:
October platinum gained $7.20, or 0.7%, to $1,030.90 an ounce, trading between $1,020.50 and $1,038.90.
- Palladium for December delivery fell $2.75, or 0.4%, to $683.50 an ounce, ranging from $679 and $691.50.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Monday PM to Tuesday PM:
- Gold dipped $1.05, or less than 0.1%, to $1,313.80 an ounce.
- Silver rose 5 cents, or 0.3%, to $19.17 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 2016
U.S. Mint bullion products registered gains of 13,000 ounces in gold coins and 206,000 ounces in silver coins.
2016 American Silver Eagles accounted for most of the silver sales. Their year-to-date total topped the 30 million mark, now at 30,155,500 coins, which is higher than annual totals in the years from 1986 to 2009. The bullion coins had run at a record pace through the first half of this year, but then they slowed. Their sales are off 12.1% from the same period last year when buyers claimed 34,304,500 coins. 2016 Silver Eagles went on to reach an annual record of 47 million coins.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Tuesday / This Week||Last Week||Aug Sales||Sept Sales||2016 Sales|
|$100 American Eagle 1 Oz Platinum Coins*||0||0||1,000||0||20,000|
|$50 American Eagle 1 Oz Gold Coins||9,000||18,500||50,000||47,000||533,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||2,000||3,000||4,000||55,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||4,000||4,000||10,000||110,000|
|$5 American Eagle 1/10 Oz Gold Coins||5,000||15,000||60,000||55,000||670,000|
|$50 American Buffalo 1 Oz Gold Coins||3,500||3,000||9,000||11,000||142,500|
|$1 American Eagle 1 Oz Silver Coins||205,000||740,000||1,280,000||1,255,000||30,155,500|
|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||200||0||1,900||200||36,300|
|2016 Theodore Roosevelt 5 Oz Silver Coins||0||1,000||27,500||2,500||30,000|