Precious metals tumbled Wednesday, registering losses that ranged from 1.3% for platinum to 4.9% for silver. Gold closed at a more than one-month low after scoring its sixth gain in seven sessions on Tuesday.
Gold for December delivery lost $32.70, or 1.7%, to settle at $1,879.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Sept. 25.
"The go-to safe haven just now is the U.S. dollar and the combined effect of a strong dollar, plus the need for investors to raise funds for margins calls," conspired to see gold lower, Ross Norman, chief executive officer of Metals Daily, told MarketWatch.
Gold futures ranged from a low of $1,876.30 to a high of $1,912.60. They added 0.3% on Tuesday and they edged up 0.03% on Monday.
Silver for December delivery sank $1.21 to settle at $23.359. Like for gold, silver’s close was its worst since Sept. 25.
Silver futures traded between $23.36 and $24.68. They climbed 0.6% on Tuesday and they fell 1% on Monday.
In PGM futures on Wednesday:
January platinum declined $11.80 to $875 an ounce, ranging from $856.20 to $890.
- Palladium for December delivery fell $103.30, or 4.4%, to $2,250.60 an ounce, trading between $2,212.60 and $2,367.40.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $35.75, or 1.9%, to $1,869.95 an ounce.
- Silver fell 51 cents, or 2.1%, to $23.925 an ounce.
US Mint Bullion Sales in 2020
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)|
|Wednesday||Last Week||This Week||August||September||October||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||7,000||8,000||104,000||18,500||54,500||612,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||2,000||1,000||10,000||3,000||6,000||64,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||4,000||20,000||4,000||8,000||96,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||10,000||70,000||10,000||20,000||310,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,000||4,500||28,000||4,500||19,000||207,500|
|$1 American Eagle 1 Oz Silver Coin||0||761,000||937,000||4,477,000||2,958,500||3,397,000||24,533,500|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||N/A||45,000||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|