Gold futures settled lower Tuesday for the third time in four sessions, ending at a new 10-month low.
Gold for February delivery fell $6.80, or 0.6%, to finish at $1,159 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since Feb. 5 when prices closed at $1,157.70 an ounce.
"We could be poised to see some near-term relief in gold into the Fed [announcement Wednesday] but to be clear, the dominant, near-term trend remains bearish," MarketWatch quoted Tyler Richey, co-editor of The 7:00’s Report. "The price action remains largely dependent on the dollar, which is still solidly in bull market territory."
The Federal Open Market Committee (FOMC) began its two-day meeting earlier today, and will release its monetary policy statement Wednesday afternoon. Many believe the committee will raise interest rates for the first time in a year.
Gold futures ranged from a low of $1,156.30 to a high of $1,167. They edged up 0.3% in the previous session.
Giving back most of the prior day’s gains, silver for March delivery dropped 21 cents, or 1.2%, to $16.977 an ounce. Silver futures traded between $16.83 and $17.23. They rose 1.3% in their start to the week on Monday.
In rounding out the precious metals spectrum:
January platinum inched up $3, or 0.3%, to $936.70 an ounce, ranging from $924.30 to $939.90.
- Palladium for March delivery added $3.05, or 0.4%, to $730.60 an ounce, trading between $722.55 and $734.95.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Monday PM to Tuesday PM:
- Gold gained $2.45, or 0.2%, to $1,158.55 an ounce.
- Silver added 15 cents, or 0.9%, to $17.01 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. bullion sales were unchanged Tuesday as of 2:20 p.m. ET. The Mint’s most popular 2016-dated bullion coins have already sold out. New 2017-dated issues will go on sale Jan. 9.
Below is a sales breakdown of U.S. Mint bullion products with columns listing 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||This Week||Nov Sales||Dec Sales||2016 Sales|
|$100 American Eagle 1 Oz Platinum Coins*||–||20,000|
|$50 American Eagle 1 Oz Gold Coins*||–||23,000||–||129,000||23,000||817,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||2,000||1,000||7,000||3,000||74,000|
|$10 American Eagle 1/4 Oz Gold Coins*||–||2,000||–||18,000||2,000||152,000|
|$5 American Eagle 1/10 Oz Gold Coins*||–||40,000||–||105,000||40,000||925,000|
|$50 American Buffalo 1 Oz Gold Coins||0||5,500||1,500||29,500||7,000||214,000|
|$1 American Eagle 1 Oz Silver Coins*||–||240,000||–||3,061,000||240,000||37,701,500|
|2016 Shawnee 5 Oz Silver Coins*||–||105,000|
|2016 Cumberland Gap 5 Oz Silver Coins*||–||75,000|
|2016 Harpers Ferry 5 Oz Silver Coins||0||100||0||1,500||100||38,100|
|2016 Theodore Roosevelt 5 Oz Silver Coins*||–||800||–||6,600||800||40,000|
|2016 Fort Moultrie 5 Oz Silver Coins||0||0||0||27,800||0||27,800|