Precious metals futures ended split Tuesday with platinum and palladium higher and gold and silver lower.
Gold for December delivery declined $2.90, or 0.2%, to $1,202.90 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal saw pressure as the U.S. dollar firmed.
"I think there’s a secondary factor where higher rates and real rates are helping lift the dollar and that’s putting pressure on gold," Reuters quoted Rob Haworth, senior investment strategist for U.S. Bank Wealth Management.
Gold futures ranged from a low of $1,200.30 to a high of $1,208.20. The rose 0.4% on Monday.
Barry Stuppler, president of the Accredited Precious Metals Dealers (apmddealers.org), sees gold’s long-term fundamentals kicking in soon.
"In addition to the sizeable gold buying we are seeing from central banks, the jewelry manufacturers are now back from vacation and will be buying gold to make new products for the holidays," Stuppler said. "Plus, India’s festival and wedding season, which runs from October to December is one of the most reliable drivers of global demand and has historically been a major boost to gold demand."
Silver for December delivery shed 3.8 cents, or 0.3%, to end at $14.185 an ounce. Silver futures traded between $14.10 and $14.27. They climbed 0.6% on Monday. On Friday, they finished at their lowest price since Jan. 22, 2016.
In rounding out precious metals futures prices on Tuesday:
October platinum added $14, or 1.8%, to $814.90 an ounce, ranging from $794.20 to $819.10.
- Palladium for December delivery surged $27.80, or 2.9%, to $1,004.80 an ounce, trading between $972.70 and $1,006.20.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold declined $1.70, or 0.1%, to 1,200.20 an ounce.
- Silver rose 4 cents, 0.3%, to $14.21 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||August||September||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||30,000|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||1,500||17,500||11,000||147,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||4,000||1,000||23,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||4,000||4,000||58,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||20,000||0||10,000||40,000||200,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||0||20,000||6,500||104,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||925,000||1,530,000||1,962,500||11,200,000|
|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||0||0||30,000|
|Cumberland Island 5 Oz Silver Coin||0||51,000||1,500||N/A||52,500||52,500|