Gold, silver and other precious metals declined Wednesday.
Gold futures for December delivery lost $22, or 1.6%, to settle at $1,390 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since August 22. Prices traded from $1,384.60 to $1,415.
"Gold prices ended the U.S. day session solidly lower Wednesday, on profit taking from short-term traders and on a technical correction from recent gains," said Jim Wyckoff, a senior analyst at Kitco Inc, in a daily note. "The geopolitical tensions in the market place eased just a bit Wednesday, which also helped to limit any new safe-haven demand for gold."
Gold prices rallied in the previous session by $15.90, or 1.1%.
Silver dropped the most in percentage after leading gains in the prior session. Silver futures for December delivery plunged $1.01, or 4.2%, to close at $23.42 an ounce. The settlement price was also the lowest since August 22. Prices ranged from $23.38 to $24.43. Silver on Tuesday surged 91.6 cents, or 3.9%.
Percent losses in PGMs fell in between gold and silver. In their closings on Wednesday:
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Snapping a two-session winning streak, October platinum declined $43.50, or 2.8%, to settle at $1,494.70 an ounce. Platinum traded between $1,490.80 and $1,540.10.
- Down for a fifth consecutive session, palladium for December delivery lost $19.70, or 2.7%, to $698.25 an ounce. Palladium prices ranged from $693.70 to $720.20.
London Fix Precious Metals
London precious metal fixings were lower as well. In contrasting the Tuesday PM to Wednesday PM London fix prices:
- Gold shed $9.50, or 0.7%, to $1,390 an ounce,
- Silver fell 50 cents, or 2.1%, to $23.71 an ounce,
- Platinum lost $33, or 2.2%, to $1,496 an ounce, and
- Palladium declined $25, or 3.5%, to $699 an ounce
U.S. Mint Bullion Sales in September
U.S. Mint distributors picked up modest amounts of gold coins and a decent number of silver coins. A breakdown by bullion product follows:
| American Eagle and Buffalo Bullion Sales | ||||
|---|---|---|---|---|
| Wednesday Sales | Last Week | Week-To-Date / September Sales | YTD Sales | |
| $50 American Eagle Gold Bullion Coins | 1,000 | 4,000 | 1,000 | 597,500 |
| $25 American Eagle Gold Bullion Coins | 1,000 | 0 | 1,000 | 49,000 |
| $10 American Eagle Gold Bullion Coins | 0 | 2,000 | 0 | 100,000 |
| $5 American Eagle Gold Bullion Coins | 0 | 0 | 0 | 455,000 |
| $50 American Buffalo Gold Bullion Coins | 500 | 1,500 | 500 | 190,500 |
| White Mountain 5 oz. Silver Bullion Coins | 0 | 1,200 | 0 | 31,200 |
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 1,200 | 0 | 23,600 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 2,900 | 0 | 22,000 |
| Fort McHenry 5 oz. Silver Bullion Coins | 500 | 10,800 | 500 | 10,800 |
| American Silver Eagle Bullion Coins | 675,000 | 1,179,000 | 675,000 | 33,750,000 |
Figures above are in the number of coins sold, not in ounces.
