Precious metals futures on Tuesday declined as a group for a third straight session. Both gold and silver posted their lowest settlements in just over a year.
Gold for August delivery shed $12.40, or 1%, to finish at $1,227.30 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since July 13, 2017, when prices ended at $1,217.30 an ounce.
"The precious metals dropped in conjunction with comments from Federal Reserve Chairman Jerome Powell today that suggested the U.S. economy is strong and inflation is tame," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Powell’s remarks lifted the U.S. dollar index to its daily high."
Gold futures traded from a low of $1,225.90 to a high of $1,245.10. They dipped 0.1% on Monday.
Elsewhere, silver for September fell 19.5 cents, or 1.2%, to close at $15.617 an ounce. The settlement is the worst since July 7, 2017, when prices ended at $15.425 an ounce. Silver futures ranged from $15.56 to $15.89. They lost less than a half cent on Monday.
In rounding out precious metals dealings:
October platinum declined $6.50, or 0.8%, to $819.90 an ounce, trading between $817.0 and $832.40.
- Palladium for September delivery lost $4.30, or 0.5%, to $909.20 an ounce, ranging from $902 to $923.40.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold declined $8.30, or 0.7%, to 1,232.80 an ounce.
- Silver slipped 4 cents, or 0.3%, to $15.77 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
United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Tuesday||Last Week||This Week||June||July||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||30,000|
|$50 American Eagle 1 Oz Gold Coin||0||6,000||2,500||21,500||15,000||102,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||1,000||1,000||18,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||4,000||0||48,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||5,000||15,000||5,000||130,000|
|$50 American Buffalo 1 Oz Gold Coin||0||5,500||0||6,500||11,000||64,500|
|$1 American Eagle 1 Oz Silver Coin||0||290,000||25,000||435,000||390,000||7,212,500|
|Pictured Rocks 5 Oz Silver Coin||0||0||0||0||0||30,000|
|Apostle Islands 5 Oz Silver Coin||0||0||0||0||0||30,000|
|Voyageurs 5 Oz Silver Coin||0||0||0||30,000||0||30,000|