Gold Starts Week at 4-Month Low

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Bullion, 3 Gold Bars
Gold ended at its worst price since July 21

Prices for gold, silver and platinum declined Monday while those for palladium gained. Platinum’s loss was its first in eight sessions. Silver closed at an almost four-week low. Gold ended the day at just over a four-month low.

Gold for December delivery fell $34.60, or 1.9%, to settle at $1,837.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest since July 21.

"Gold and silver are seeing strong pressure from better risk appetite in the marketplace to start the trading week. The yellow metal suffered significant near-term technical damage today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.

"Gold prices were moderately lower overnight but selling accelerated when the U.S. flash Markit composite purchasing managers index (PMI) for November was reported, coming in at a better-than-expected 57.9 versus 56.3 in October. A reading above 50.0 suggests expansion," Wyckoff added.

Gold futures ranged from a low of $1,828 to a high of $1,875. They declined 0.7% last week.

Silver for December delivery plunged 73 cents, or 3%, to settle at $23.633. The finish was the lowest since Oct. 29. Silver futures traded between $23.46 and $24.46. They gave back 1.7% last week.

In other precious metals futures prices on Monday:

  • January platinum lost $25.50, or 2.7%, to $931.70 an ounce, ranging from $920 to $956.40.

  • Palladium for December delivery added $30.50, or 1.3%, to $2,353.80 an ounce, trading between $2,322.40 and $2,359.20.

Last week platinum rallied 6.8% and palladium dipped 0.3%.

London Precious Metals Prices (LBMA)

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

  • Gold dropped $35.50, or 1.9%, to $1,840.20 an ounce.
  • Silver lost 26 cents, or 1.1%, to $23.905 an ounce.

In LBMA results last week, prices fell 0.8% for gold, they declined 0.3% for silver, they jumped 6.6% for platinum and they climbed 0.2% for palladium.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Monday. 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 0 23,500 18,500 64,500 52,500 674,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 3,000 6,000 3,000 67,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 8,000 10,000 106,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 10,000 25,000 30,000 345,000
$50 American Buffalo 1 Oz Gold Coin 0 6,000 4,500 19,500 15,000 223,000
$1 American Eagle 1 Oz Silver Coin 0 754,500 2,958,500 3,397,000 3,456,000 27,989,500
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 45,000 0 0 45,000
$1 American Eagle 1 Oz Platinum Coin* 0 0 0 0 0 56,500

 

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