Gold and silver maintained losses Thursday that first began in after-hours trading Wednesday when the Federal Reserve signaled a December hike in interest rates. Both metals ended at four-week lows.
Gold for December delivery declined $21.60, or 1.6%, to settle at $1,294.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Aug. 24.
"The precious metals markets were already in some trouble when a surprisingly hawkish tone on U.S. monetary policy was sounded by the Federal Reserve on Wednesday afternoon," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Gold and silver prices sank… on ideas U.S. monetary policy will significantly tighten in the coming months."
Gold futures ranged from a low of $1,291.20 to a high of $1,305. They are 2.3% lower so far this week.
Silver for December delivery lost 31.6 cents, or 1.8%, to finish at $17.018 an ounce. The settlement is also the lowest since Aug. 24. Silver futures traded between $16.86 and $17.23. They are down 3.9% on the week to date.
In other precious metals futures prices;
October platinum shed $5.50, or 0.6%, to $939.90 an ounce, trading between $931 and $945.40.
- Palladium for December delivery added $1.40, or 0.2%, to $911.55 an ounce, ranging from $904.15 to $918.40.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold declined $19.20, or 1.5%, to 1,292.10 an ounce.
- Silver dropped 43 cents, or 2.5%, to $16.95 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
United States Mint bullion sales remained unchanged. 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)|
|Thursday||Last Week||This Week||August||September||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||2,000||6,500||6,000||168,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||2,000||0||29,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||2,000||2,000||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||15,000||5,000||15,000||20,000||325,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||1,500||3,000||1,500||76,500|
|$1 American Eagle 1 Oz Silver Coin||0||50,000||50,000||1,025,000||125,000||15,703,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||0||0||0||0||35,000|
|2017 Frederick Douglass 5 Oz Silver Coin||0||0||0||0||0||20,000|
|2017 Ozark Riverways 5 Oz Silver Coin||0||0||0||0||0||20,000|
|2017 Ellis Island 5 Oz Silver Coin*||0||0||0||40,000||0||40,000|