Precious metals futures declined Wednesday, with gold marking its worst close in 4 weeks and silver ending at its lowest price in about 4 months.
Gold for June delivery fell $8.50, or 0.7%, to settle at $1,248.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since the matching close on April 5.
"Gold breaking down below the 50- and 200-day moving averages today suggests that further short term losses may be likely," Reuters quoted Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York.
Gold futures traded between $1,245.60 and $1,257.80. They edged up 0.1% on Tuesday and fell 1% in their start on Monday.
Falling for a seventh straight session, silver futures for July delivery dropped 28.5 cents, or 1.7%, to $16.546 an ounce. The settlement is the weakest since Jan. 6. Silver futures ranged from $16.52 to $16.90. They declined less than 0.1% on Tuesday and fell 2.4% on Monday.
In PGM futures on Wednesday:
July platinum fell $21.60, or 2.3%, to $904.40 an ounce, trading between $900.70 and $928.90.
- Palladium for June delivery declined $14.30, or 1.8%, to $799.30 an ounce, ranging from $794 to $823.70.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold fell $5.15 or 0.4%, to $1,250.30 an ounce.
- Silver declined a dime, or 0.6%, to $16.85 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2017
U.S. Mint bullion sales were unchanged as of 4:04 p.m. ET. Below is a sales breakdown of U.S. 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 / May||April Sales||2017 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||1,000||2,000||3,500||129,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||25,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||46,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||10,000||0||20,000||210,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,000||1,000||3,500||60,000|
|$1 American Eagle 1 Oz Silver Coin||0||235,000||530,000||835,000||9,322,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||0||100||900||20,700|
|2017 Frederick Douglass 5 Oz Silver Coin||0||1,400||800||17,600||18,400|