Three of four major precious metals traded sharply lower Thursday, pressured after the United States and China agreed to meet next month to discuss trade. On Wednesday, gold closed at its best price since April 2013 and silver scored its highest finish since September 2016.
Gold for December delivery fell $34.90, or 2.2%, to settle at $1,525.50 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are sharply lower in midday U.S. trading Thursday, on heavy more profit-taking from the shorter-term futures traders and selling pressure as investor risk appetite has at least temporarily up-ticked on news U.S.-China trade talks are set to resume in October," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.
Gold futures ranged from a low of $1,514.30 to a high of $1,561.90. They gained 0.3% on Wednesday — closing at their highest point since April 11, 2013, and they advanced 1.7% on Tuesday.
Silver for December delivery tumbled 74 cents, or 3.8%, to close at $18.807 an ounce. Silver futures traded between $18.57 and $19.68. The rose 1.6% on Wednesday — marking their highest settlement since Sept. 26, 2016, and they soared 4.9% on Tuesday.
In other metals futures Thursday:
October platinum lost $20.50, or 2.1%, to $963.70 an ounce, ranging from $946.60 to $1,000.80.
- Palladium for December delivery added $9, or 0.6%, to $1,561.10 an ounce, trading between $1,536 from $1,564.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold declined $17, or 1.1%, to $1,529.10 an ounce.
- Silver shed 8.5 cents, or 0.4%, to $19.22 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint 2019 Bullion Sales
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. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Thursday||Last Week||This Week / Sept||July||August||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||500||1,500||2,000||6,500||88,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||3,000||1,000||23,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||2,000||2,000||30,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||5,000||15,000||5,000||170,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||500||500||1,500||50,000|
|$1 American Eagle 1 Oz Silver Coin||0||138,000||11,000||1,240,000||1,007,000||12,280,000|
|War in the Pacific 5 Oz Silver Coin||0||0||0||57,000||12,500||69,500|
|American Memorial Park 5 Oz Silver Coin*||0||0||0||0||2,000||80,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|