Platinum registered its eighth gain in nine sessions Tuesday. Other precious metals declined. Silver finished at a two-month low while gold logged a fresh, just over four-month low.
Gold for December delivery fell $33.20, or 1.8%, to settle at $1,804.60 an ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since gold ended at $1,800.30 an ounce on July 16.
"More optimism in regard to the economy, based on the vaccines has taken some of the safe haven status away from the gold market," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
"Less political concern moving forward" has also reduced the need for safe havens, Meger added.
Gold futures ranged from a low of $1,797.10 to a high of $1,836.90. They fell 1.9% on Monday.
Silver for December delivery settled down 33.3 cents, or 1.4%, to $23.30. The finish was the lowest since silver ended at $23.093 an ounce on Sept. 25. Silver futures traded between $22.93 and $23.65. They lost 3% on Monday.
In other precious metals futures Tuesday:
January platinum gained $26.60, or 2.9%, to $958.30 an ounce, ranging from $925.70 to $967.70.
- Palladium for December delivery dipped $1.60, or 0.07%, to $2,352.20 an ounce, trading between $2,320.80 and $2,359.50.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold declined $40.60, or 2.2%, to $1,799.60 an ounce.
- Silver dropped 75 cents, or 3.1%, to $23.155 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased Tuesday by 625,000 ounces in silver coins and 11,500 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)|
|Tuesday / This Week||Last Week||September||October||November||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||7,000||23,500||18,500||64,500||59,500||681,500|
|$25 American Eagle 1/2 Oz Gold Coin||1,000||1,000||3,000||6,000||4,000||68,000|
|$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||4,000||6,000||4,500||19,500||19,000||227,000|
|$1 American Eagle 1 Oz Silver Coin||625,000||754,500||2,958,500||3,397,000||4,081,000||28,614,500|
|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|