Gold futures ended higher on Wednesday for the first time in four sessions, climbing from an eight-week low.
Gold for December delivery rose $2.20, or 0.2%, to settle at $1,276.80 an ounce on the Comex division of the New York Mercantile Exchange.
"We have been bullish gold for most of 2016/17," analysts at Bank of America Merrill Lynch said in a weekly metals commentary, according to MarketWatch. "Yet, the hawkish Fed in a noninflationary environment has increased headwinds to the yellow metal meaningfully. Hence, we believe the upside is limited near-term. Investors may also reduce their exposure on a potentially stronger U.S. dollar."
Gold futures traded from a low of $1,273.90 to a high of $1,285. They dipped less than 0.1% on Tuesday, but recorded their lowest settlement since Aug. 8, and they declined 0.7% on Monday.
Ending lower for a fourth straight session, silver for December delivery fell 2.6 cents, or 0.2%, to finish at $16.624 an ounce. The settlement is the weakest since Aug. 8, when prices ended at $16.389 an ounce. Silver futures ranged from $16.63 to $16.92. They lost less than 0.1% in the previous session and declined 1% on Monday.
In PGM futures on Wednesday:
January platinum shed 70 cents, or less than 0.1%, to $914.80 an ounce, trading between $912.90 and $925.90.
- Palladium for December delivery advanced $2.75, or 0.3%, to $919.65 an ounce, ranging from $914.10 to $925.25.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold added $3, or 0.2%, to 1,274.25 an ounce.
- Silver added 21.5 cents, or 1.3%, to $16.825 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 bullion sales registered gains of 1,000 ounces in American Gold Eagles, 500 ounces in American Gold Buffalos, and 50,000 ounces in American Silver Eagles.
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||September||This Week / October||YTD|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||20,000|
|$25 American Eagle 1 Oz Palladium Coin*||0||15,000||15,000||0||15,000|
|$50 American Eagle 1 Oz Gold Coin||500||2,000||8,000||1,500||171,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||1,000||1,000||31,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||0||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||5,000||5,000||25,000||5,000||335,000|
|$50 American Buffalo 1 Oz Gold Coin||500||0||1,500||1,000||77,500|
|$1 American Eagle 1 Oz Silver Coin||50,000||195,000||320,000||150,000||16,048,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||0||0||0||35,000|
|2017 Frederick Douglass 5 Oz Silver Coin||0||0||0||0||20,000|
|2017 Ozark Riverways 5 Oz Silver Coin||0||0||0||0||20,000|
|2017 Ellis Island 5 Oz Silver Coin*||0||0||0||0||40,000|