Precious metals futures moved slightly lower Wednesday. Gold slipped from an eleven-week high and posted its first loss in three sessions.
Gold for December delivery declined $3.60, or 0.3%, to settle at $1,227.40 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices are moderately lower in early-afternoon U.S. trading Wednesday, on a normal corrective pullback from recent solid gains that saw prices hit a 10-week high earlier this week," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "A big rebound in the U.S. stock market on Tuesday is also denting any safe-haven demand for gold and silver markets today."
Gold futures ranged from a low of $1,223.70 to a high of $1,232.90. They edged up less than 0.1% on Tuesday, but ended at their highest price since July 31, and they moved up 0.7% on Monday.
Ending down for a second day in a row, silver for December shed 3.8 cents, or 0.3%, to $14.663 an ounce. Silver futures traded between $14.61 and $14.76. They declined 0.2% on Tuesday and rose 0.6% on Monday for their best settlement since Aug. 28.
In PGM futures on Wednesday:
January platinum fell $6.10, or 0.7%, to $840.60 an ounce, ranging from $835.80 to $845.90.
- Palladium for December delivery dropped $6.30, or 0.6% to $1,067.60 an ounce, trading between $1,063.40 and $1,077.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $1.65, or 0.1%, to 1,229.05 an ounce.
- Silver fell 10.5 cents, or 0.7%, to $14.65 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 rose by a combined 3,000 ounces in American Eagle and Buffalo bullion coins.
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)|
|Wednesday||Last Week||This Week||September||October||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||30,000|
|$50 American Eagle 1 Oz Gold Coin||500||6,000||2,500||14,500||13,000||164,000|
|$25 American Eagle 1/2 Oz Gold Coin||1,000||0||1,000||2,000||2,000||26,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||4,000||0||58,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||40,000||10,000||210,000|
|$50 American Buffalo 1 Oz Gold Coin||1,500||1,000||2,500||11,000||5,000||113,000|
|$1 American Eagle 1 Oz Silver Coin||0||260,000||200,000||2,897,500||1,130,000||13,265,000|
|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||0||0||52,500||0||52,500|