Precious metals futures closed lower Wednesday. Gold’s loss, its second in a row, was modest in lightened trading activity as investors pause for breath ahead of Christmas weekend.
Gold for February delivery inched lower by 40 cents to settle at $1,133.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Any pullback in the greenback may trigger a scramble into gold," Reuters quoted HSBC analyst James Steel. "Gold may near $1,100 per ounce but we do not think the market will go below that level. If it does break $1,100 per ounce, we would expect bargain-hunters and price sensitive buyers to increase purchases."
Gold futures ranged from a low of $1,131 to high of $1,138.80. They shed 0.8% on Tuesday after rising 0.5% on Monday.
Silver for March delivery declined 13.8 cents, or 0.9%, to $15.979 an ounce. Silver futures traded between $15.95 and $16.24. They rose 0.2% on Tuesday after sliding 0.8% on Monday.
In PGM futures on Wednesday:
January platinum fell $9.60, or 1%, to $914.40 an ounce, ranging from $910.10 to $922.50.
- Palladium for March delivery declined $10.95, or 1.6%, to $659.90 an ounce, trading between $655.80 and $668.20.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Tuesday PM to Wednesday PM:
- Gold added $7.95, or 0.7%, to $1,133.65 an ounce.
- Silver added 23 cents, or 1.5%, to $16.03 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
United States Mint bullion sales were unchanged as of 2:46 p.m. ET. The Mint’s most popular 2016-dated bullion coins have 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)|
|Wednesday 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*||–||129,000||23,000||817,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||1,000||0||7,000||3,000||74,000|
|$10 American Eagle 1/4 Oz Gold Coins*||–||18,000||2,000||152,000|
|$5 American Eagle 1/10 Oz Gold Coins*||–||105,000||40,000||925,000|
|$50 American Buffalo 1 Oz Gold Coins||0||4,500||2,500||29,500||12,500||219,500|
|$1 American Eagle 1 Oz Silver Coins*||–||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||0||0||1,500||100||38,100|
|2016 Theodore Roosevelt 5 Oz Silver Coins*||–||6,600||800||40,000|
|2016 Fort Moultrie 5 Oz Silver Coins||0||0||0||27,800||0||27,800|