Precious metals futures declined as a group on Tuesday after they gained on Monday.
Gold for April delivery lost $14.20, or 1.1%, to settle at $1,318.60 an ounce on the Comex division of the New York Mercantile Exchange.
"The precious metals bulls got punched in the nose by new Federal Reserve Chairman Jerome Powell, who sounded a hawkish tone on future U.S. monetary policy," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
Gold futures traded from a low of $1,314.40 to a high of $1,338.40. They rose 0.2% in their start to the week on Monday.
Silver for May delivery declined 18.8 cents, or 1.1%, to close at $16.434 an ounce. Silver futures ranged from $16.34 to $16.72. They gained 0.4% on Monday.
In rounding out precious metals futures prices on Tuesday:
April platinum fell $17.20, or 1.7%, to $984.60 an ounce, trading between $983 and $1,005.
- Palladium for June delivery dropped $25.20, or 2.4%, to $1,029.25 an ounce, ranging from $1,028.50 to $1,057.30.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold declined $7.75, or 0.6%, to $1,325.75 an ounce.
- Silver fell 6 cents, or 0.4%, to $16.61 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2018
U.S. 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.
|US Mint Bullion Sales (# of coins)|
|Tuesday||Last Week||This Week||December||January||February||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||N/A||N/A||20,000||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||0||38,000||36,000||5,000||41,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||3,000||16,000||0||16,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||4,000||26,000||0||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||25,000||80,000||5,000||85,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||500||14,000||24,000||2,500||26,500|
|$1 American Eagle 1 Oz Silver Coin||0||70,000||237,500||742,000||3,235,000||942,500||4,177,500|
|Pictured Rocks 5 Oz Silver Coin||0||N/A||20,000||N/A||20,000||20,000|