Precious metals futures declined Tuesday following an extended U.S. holiday weekend for Labor Day. Silver ended at a more than two-and-a-half year low and gold finished at an almost two-week low.
Gold for December delivery declined $7.60, or 0.6%, to settle at $1,199.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Aug. 23.
"Gold bears were back in action on Tuesday thanks to a broadly stronger U.S. dollar," MarketWatch quoted Lukman Otunuga, research analyst at FXTM, in a daily note. "With the mighty dollar set to dim gold’s shine and U.S. rate hike expectations denting appetite for the zero-yielding metal further, the outlook remains tilted to the downside."
Gold futures ranged from a low of $1,195.10 to a high of $1,209.70. They shed 0.5% last week, and posted their fifth straight monthly loss.
Silver for December delivery tumbled 37.7 cents, or 2.6%, to close at $14.18 an ounce. The settlement is the lowest since Jan. 22, 2016 when the precious metal ended at $14.057 an ounce. Silver futures traded between $14.03 and $14.59. They fell 1.6% last week, and finished the month of August with a 6.4% loss.
In other precious metals futures prices on Tuesday:
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October platinum shed $8.90, or 1.1%, to $778.20 an ounce, ranging from $765.40 to $791.40.
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Palladium for December delivery dipped $2.40, or 0.3%, to $967.50 an ounce, trading between $942.10 and $975.80.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold declined $9.20, or 0.8%, to 1,190.85 an ounce.
- Silver lost 27.5 cents, or 1.9%, to $14.250 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 / Week / Sept | Last Week | July | August | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 30,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 4,000 | 31,500 | 17,500 | 136,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 2,000 | 1,000 | 4,000 | 22,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 2,000 | 4,000 | 54,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 5,000 | 25,000 | 10,000 | 160,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 2,000 | 24,500 | 20,000 | 98,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 350,000 | 885,000 | 1,530,000 | 9,237,500 |
| Pictured Rocks 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 30,000 |
| Apostle Islands 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 30,000 |
| Voyageurs 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 30,000 |
