Gold, silver and platinum sank Monday, while palladium finished almost unchanged. Losses in gold and silver come on the heels of their seven-week settlement highs on Friday.
Gold for December delivery dropped $97.30, or 5%, to settle at $1,854.40 an ounce on the Comex division of the New York Mercantile Exchange. The close was gold’s weakest since July 21.
Safe-havens saw pressure, opined analysts, on positive news about a COVID-19 vaccine candidate.
"News from Pfizer that it has developed a very promising Covid-19 vaccine spiked up risk appetite in the marketplace. Stock markets soared on the news, including U.S. indexes hitting record highs. The metals markets were also hit by a solid rally in the U.S. dollar index today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.
Gold futures ranged from a low of $1,848 to a high of $1,966.10. They gained 3.8% last week, ending Friday at their highest price since Sept. 18.
Meanwhile, silver for December delivery tumbled $1.96, or 7.6%, to settle at $23.701. The finish was the lowest since Oct. 30. Silver futures traded between $23.60 and $26.14. They soared 8.5% last week, also closing Friday at their best level since Sept. 18.
In other precious metals futures prices on Monday:
January platinum declined $32, or 3.6%, to $867.40 an ounce, ranging from $849.20 to $909.
- Palladium for December delivery shed 80 cents, or 0.03, to $2,499.20 an ounce, trading between $2,439.30 and $2,523.
Last week platinum jumped 6% and palladium surged 12.8%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold fell $73.50, or 3.8%, to $1,867.30 an ounce.
- Silver declined 67.5 cents, or 2.6%, to $25.105 an ounce.
In LBMA results last week, prices moved ahead 3.1% for gold, 9.1% for silver, 6.9% for platinum and 10% for palladium.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased Monday by 1,048,000 ounces in silver coins and a combined 11,000 ounces in 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)|
|Monday||Last Week||September||October||November||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||7,000||22,000||18,500||64,500||29,000||651,000|
|$25 American Eagle 1/2 Oz Gold Coin||1,000||1,000||3,000||6,000||2,000||66,000|
|$10 American Eagle 1/4 Oz Gold Coin||4,000||4,000||4,000||8,000||8,000||104,000|
|$5 American Eagle 1/10 Oz Gold Coin||10,000||15,000||10,000||25,000||25,000||340,000|
|$50 American Buffalo 1 Oz Gold Coin||1,500||7,500||4,500||19,500||9,000||217,000|
|$1 American Eagle 1 Oz Silver Coin||1,048,500||1,653,000||2,958,500||3,397,000||2,701,500||27,235,000|
|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||0||0||45,000|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||45,000||0||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||56,500|