Precious metals futures divided for a second straight session Monday with back-to-back losses in gold and silver and another pair of wins in platinum and palladium.
Gold for December delivery lost $12, or 0.8%, to settle at $1,511.60 an ounce on the Comex division of the New York Mercantile Exchange.
"There has been some pullback in terms of the concerns over the risk of a recession. Perhaps the market’s reaction to events in the past week have been too much, so there has been some positive retracement of equity markets and downward pressure on gold," Reuters quoted Jeff Klearman, portfolio manager at GraniteShares.
Gold futures ranged from a low of $1,503.30 to a high of $1,523.60. They climbed 1% last week. On Thursday, they finished at $1,531.20 an ounce for their strongest settlement since April 11, 2013.
Silver for September delivery shed 4.6 cents, or 0.3%, to close at $17.076 an ounce. Silver futures traded between $16.96 and $17.26. They rose 1.1% last week. On Wednesday, they closed at $17.28 an ounce for their highest settlement since ending at $17.441 an ounce on Jan. 26, 2018.
In other precious metals futures prices Monday:
October platinum added $5.30, or 0.6%, to $856.80 an ounce, ranging from $845.40 to $860.90.
- Palladium for September surged $33, or 2.3%, to $1,474.30 an ounce, trading between $1,438.60 and $1,479.10.
Last week, platinum declined 1.4% and palladium rose 1.6%.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold declined $18.65, or 1.2%, to $1,496.60 an ounce.
- Silver fell 23.5 cents, or 1.4%, to $16.925 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
In LBMA results last week, three of four prices advanced. Increases totaled 1.2% for gold, 0.9% for silver, and 0.8% for palladium, while platinum fell 3.5%.
US Mint 2019 Bullion Sales
The United States Mint reported no bullion gains to start the week. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Monday||Last Week||July||August||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||1,500||2,500||2,500||83,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||3,000||1,000||23,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||0||28,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||15,000||0||160,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||500||1,000||49,000|
|$1 American Eagle 1 Oz Silver Coin||0||222,000||1,240,000||222,000||11,484,000**|
|War in the Pacific 5 Oz Silver Coin||0||0||57,000||8,000||65,000|
|American Memorial Park 5 Oz Silver Coin||0||0||0||0||78,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|
** The U.S. Mint on Monday adjusted Silver Eagle sales for August, pulling them down 30,000 to 222,000. The YTD total resultantly changed to 11,484,000.