Precious metals futures declined Wednesday, aside from palladium which climbed to settle at the same price as palladium. Gold and silver closed at six-week lows.
Gold for December delivery shed $13.90, or 1.1%, to finish at $1,287.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Aug. 16 when prices ended at $1,282.90 an ounce.
"Gold is currently showing no signs of support. For the second time in as many weeks, the metal is threatening to break the lower bound of key support between $1,290 and $1,295 [for spot pricing], an area which was formerly resistance," MarketWatch quoted Fawad Razaqzada, technical analyst with Forex.com.
Gold futures traded from a low of $1,285.30 to a high of $1,299.20. They fell 0.8% on Tuesday and advanced 1.1% on Monday.
Silver for December delivery settled down 5.6 cents, or 0.3%, to $16.827 an ounce. The close is the weakest since Aug. 15 when prices ended at $16.714 an ounce. Silver futures ranged between $16.75 and $16.94. They dropped 1.5% in the previous session and gained 1% in their start to the week on Monday.
In PGM futures on Wednesday:
January platinum slipped $3.20, or 0.3%, to $925.50 an ounce, trading between $921 and $933.70.
- Palladium for December delivery tacked on $11.05, or 1.2%, to $925.50 an ounce, ranging from $908.55 to $932.50.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $17.50, or 1.4%, to 1,282.55 an ounce.
- Silver declined 12 cents, or 0.7%, to $16.89 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 were 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)|
|Wednesday||Last Week||This Week||August||September||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$25 American Eagle 1 Oz Palladium Coin||0||N/A||15,000||N/A||15,000||15,000|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||2,000||6,500||8,000||170,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||2,000||1,000||30,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||2,000||2,000||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||5,000||15,000||25,000||330,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,500||0||3,000||1,500||76,500|
|$1 American Eagle 1 Oz Silver Coin||0||50,000||195,000||1,025,000||320,000||15,898,500|
|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|