Precious Metals Decline Thursday, Aug. 27

by CoinNews.net on August 27, 2020 · 0 comments

Three Gold Bullion Bars, Dark Background

Gold futures shed 1% on Thursday, Aug. 27

Precious metals futures registered losses Thursday that ranged from 1% for both gold and palladium to 1.5% for silver.

Gold for December delivery fell $19.90 to settle at $1,932.60 an ounce on the Comex division of the New York Mercantile Exchange.

"Federal Reserve Chairman Jerome Powell’s highly anticipated speech today was deemed bullish, but metals traders quickly discounted it, instead focusing on the metals-bearish aspects of rising U.S. Treasury bond yields as a competing asset," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,914.70 to a high of $1,987. They gained 1.5% on Wednesday, they declined 0.8% on Tuesday, and they shed 0.4% on Monday. Earlier this month, on Aug. 6, gold marked a record settlement of $2,069.40 an ounce.

Silver for September delivery dropped 42.4 cents to close at $27.025 an ounce. Silver futures traded between $26.56 and $28.04. They soared 4.5% on Wednesday, they fell 1.3% on Tuesday, and they slipped 0.5% on Monday.

In other precious metals futures Thursday:

  • October platinum shed $11.70, or 1.2%, to $928.10 an ounce, ranging from $918.80 to $960.

  • Palladium for December delivery — the new, most active contract — shed $22.40 to $2,190.50 an ounce, trading between $2,161.30 and $2,249.40.

London Precious Metals Prices (LBMA)

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold declined $9.10, or 0.5%, to $1,923.85 an ounce.
  • Silver rose 85 cents, or 3.2%, to $27.245 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Thursday. 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 / This Week Last Week June July August 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 16,500 42,500 107,500 86,000 521,000
$25 American Eagle 1/2 Oz Gold Coin 0 6,000 2,000 4,000 6,000 51,000
$10 American Eagle 1/4 Oz Gold Coin 0 12,000 2,000 10,000 12,000 76,000
$5 American Eagle 1/10 Oz Gold Coin 0 30,000 0 35,000 30,000 240,000
$50 American Buffalo 1 Oz Gold Coin 0 4,000 7,500 30,000 22,500 178,500
$1 American Eagle 1 Oz Silver Coin 0 1,000,000 1,398,000 1,084,500 2,593,000 16,294,000
America Samoa 5 oz Silver Coin* 0 0 0 0 0 45,000
Weir Farm 5 oz Silver Coin* 0 0 0 0 0 45,000
Salt River Bay 5 oz Silver Coin* 0 0 0 0 0 45,000
Marsh Billings 5 oz Silver Coin* 0 0 0 45,000 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 56,500

 

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