Gold Ends 0.6% Lower on Thursday, Oct. 29

by CoinNews.net on October 29, 2020 · 0 comments

Layers of Gold Bullion

Gold futures marked another, more than one-month low on Thursday, Oct. 29

Gold, platinum and palladium futures declined Thursday while silver finished virtually unchanged after sinking on Wednesday.

Gold for December delivery fell $11.20, or 0.6%, to settle at $1,868 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was again the lowest since Sept. 25.

"The precious metals have been hit by a stronger U.S. dollar index this week, and now the slumping crude oil market is also working against the metals market bulls, as well as most of the raw commodity sector," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

Gold futures ranged from a low of $1,859.20 to a high of $1,885.10. They lost 1.7% on Wednesday, they added 0.3% on Tuesday, and they edged up 0.03% on Monday.

Silver for December delivery rose less than a penny to settle at $23.36. Silver futures traded between $22.62 and $23.65. They sank 4.9% on Wednesday to mark their lowest finish since Sept. 25, they climbed 0.6% on Tuesday, and they fell 1% on Monday.

In other precious metals futures prices on Thursday:

  • January platinum gave back $25.50, or 2.9%, to $849.50 an ounce, ranging from $845 to $877.40.

  • Palladium for December delivery dropped $52.10, or 2.3%, to $2,198.50 an ounce, trading between $2,182 and $2,282.60.

London Precious Metals Prices (LBMA)

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

  • Gold rose 35 cents, or 0.02%, to $1,870.30 an ounce.
  • Silver fell 91 cents, or 3.8%, to $23.015 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 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

 

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