Precious metals futures ended down for a third straight session Wednesday. Declines in gold and silver were more modest in this round, whereas losses in platinum and palladium were sharper.
Gold for December delivery shed $3.20, or 0.2%, to settle at $1,283 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since Oct. 6. The yellow metal declined as the U.S. dollar gained amid speculation over the next Fed chair, opined analysts.
"The possibility of a more hawkish Federal Reserve Chair succeeding Janet Yellen in February raises the prospect of more interest rate hikes next year," MarketWatch quoted Craig Erlam, senior market analyst at Oanda. "Market expectations for interest rates next year are already well below those of the central bank — should Yellen be replaced by someone of a more hawkish nature, the market could find itself well behind the curve."
Gold futures traded from a low of $1,278.60 to a high of $1,290.80. They declined 1.3% in the previous session and dipped 0.1% on Monday.
Silver for December delivery slipped 4.4 cents, or 0.3%, to end at $16.997 an ounce. The settlement is the lowest since Oct. 9. Silver futures ranged from $16.92 to $17.12. They lost 1.9% on Tuesday and fell 0.2% on Monday.
In PGM futures on Wednesday:
-
January platinum declined $10.20, or 1.1%, to $924.60 an ounce, trading between $922.50 and $938.30.
- Palladium for December delivery tumbled $23, or 2.4%, to $952.95 an ounce, ranging from $950 to $985.75.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold declined $4.55, or 0.4%, to 1,280.20 an ounce.
- Silver fell 16 cents, or 0.9%, to $16.95 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2017
United States Mint bullion sales advanced by a combined 1,000 ounces in American Gold Eagles and by 1,000 ounces in American Gold Buffalos.
Below is a sales breakdown of U.S. 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 | September | October | YTD | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 20,000 |
| $25 American Eagle 1 Oz Palladium Coin* | 0 | 0 | 15,000 | 0 | 15,000 |
| $50 American Eagle 1 Oz Gold Coin | 500 | 3,000 | 8,000 | 8,000 | 178,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 1,000 | 1,000 | 2,000 | 32,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 2,000 | 58,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 5,000 | 0 | 25,000 | 25,000 | 355,000 |
| $50 American Buffalo 1 Oz Gold Coin | 1,000 | 1,000 | 1,500 | 4,500 | 81,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 150,000 | 320,000 | 750,000 | 16,648,500 |
| 2017 Effigy Mounds 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 35,000 |
| 2017 Frederick Douglass 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 20,000 |
| 2017 Ozark Riverways 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 20,000 |
| 2017 Ellis Island 5 Oz Silver Coin* | 0 | 0 | 0 | 0 | 40,000 |
Palladium down $23 today is notable for sure!
-NumisdudeTX