Gold Posts First Loss in Four Sessions, Slides from Three-Week High

by CoinNews.net on October 13, 2020 · 0 comments

Gold bullion and gold bullion coins

Gold prices ended 1.8% lower on Tuesday, Oct. 13

Precious metals settled lower Tuesday, posting losses that ranged from 0.3% for platinum to 4.5% for silver. Gold’s decline was its first in four sessions and, like for silver, follows a three-week settlement high.

Gold for December delivery shed $34.30, or 1.8%, to close at $1,894.60 an ounce on the Comex division of the New York Mercantile Exchange.

"The safe-haven metals bulls need a new fundamental news spark, to take focus away from the recent, overall tepid appreciation in the greenback that should arguably not be influencing the metals markets that much," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,889.30 to a high of $1,930.60. They edged 0.1% higher on Monday for their best settlement since Sept. 18.

Silver for December delivery sank $1.14 to settle at $24.129. Silver futures traded between $24.01 and $25.31. They gained 0.7% on Monday, also for their highest settlement since Sept. 18.

In other precious metals futures prices Tuesday:

  • January platinum dipped $3 to $873.30 an ounce, ranging from $863 to $885.40.

  • Palladium for December delivery lost $81.30, or 3.4%, to $2,344.30 an ounce, trading between $2,304.80 and $2,440.20.

London Precious Metals Prices (LBMA)

In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:

  • Gold declined $34.20, or 1.8%, to $1,891.30 an ounce.
  • Silver fell 12.5 cents, or 0.5%, to $24.935 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales increased Tuesday by 3,500 ounces in American Gold Eagles and by 500 ounces in American Gold Buffalo gold coins.

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)
Tuesday / This Week Last Week August September October 2020 Sales
$50 American Eagle 1 Oz Gold Coin 3,500 16,000 104,000 18,500 33,000 590,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 10,000 3,000 2,000 60,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 20,000 4,000 2,000 90,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 70,000 10,000 5,000 295,000
$50 American Buffalo 1 Oz Gold Coin 500 2,000 28,000 4,500 9,000 197,500
$1 American Eagle 1 Oz Silver Coin 0 826,000 4,477,000 2,958,500 826,000 21,962,500
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 0 0 45,000
Tallgrass Prairie 5 oz Silver Coin* 0 0 N/A 45,000 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 56,500

 

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