Gold snapped a two-session winning streak Wednesday as a bout of profit-taking took hold after prices reached an almost five-week high on Tuesday.
Gold for December delivery retreated $8.60, or 0.6%, to finish at $1,334 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from a low of $1,328.50 to a high of $1,342.20.
"Gold prices ended the U.S. day session moderately lower Wednesday, with profit-taking from the shorter-term traders and a technical correction featured following recent gains," noted Jim Wyckoff, a senior analyst at Kitco Inc., in a daily note.
The precious metal had tacked on $28 for the week through Tuesday, closing at its highest price since Sept. 19.
Also lower for the first time in three days, silver for December delivery lost 17 cents, or 0.8%, to $22.62 an ounce. It traded between $22.50 and $22.82. Silver prices are still 70 cents, or 3.2%, higher on the week so far.
PGM’s declined for the first time in six sessions. In their daily numbers:
-
January platinum lost $11.10, or 0.8%, to $1,439.60 an ounce, ranging from $1,434 to $1,451.90.
- Palladium for December fell $6.80, or 0.9%, to $746.10 an ounce, trading between $744.40 and $754.10.
London Fix Precious Metals
Earlier fixed London precious metals were mixed. In contrasting the Tuesday PM to Wednesday PM London fixings:
- Gold dipped $1.75, or 0.1%, to $1,331.25 an ounce,
- Silver gained 47 cents, or 2.1%, to $22.53 an ounce,
- Platinum added $8, or 0.6%, to $1,440 an ounce, and
- Palladium rose $4, or 0.5%, to $748 an ounce
U.S. Mint Bullion Sales in October
United States Mint gold bullion sales advanced modestly Wednesday following sharp gains on Tuesday. Sales on the day included 500 ounces in Gold Eagles and 500 ounces in Gold Buffalos. That compares to the prior day’s combined total of 10,000 ounces. Sales for the range of U.S. Mint bullion products follow.
| American Eagle and Buffalo Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Wednesday Sales | Last Week | Week-To-Date Sales | October Sales | YTD Sales | |
| $50 American Eagle Gold Bullion Coins | 0 | 12,000 | 9,000 | 31,000 | 636,000 |
| $25 American Eagle Gold Bullion Coins | 0 | 0 | 2,000 | 3,000 | 56,000 |
| $10 American Eagle Gold Bullion Coins | 0 | 0 | 8,000 | 10,000 | 114,000 |
| $5 American Eagle Gold Bullion Coins | 5,000 | 10,000 | 10,000 | 30,000 | 495,000 |
| $50 American Buffalo Gold Bullion Coins | 500 | 6,500 | 2,500 | 15,000 | 215,000 |
| White Mountain 5 oz. Silver Bullion Coins | Sold Out | 35,000 | |||
| Perry’s Victory 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 1,200 | 26,200 |
| Great Basin 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 2,200 | 27,200 |
| Fort McHenry 5 oz. Silver Bullion Coins | 0 | 0 | 0 | 2,600 | 27,600 |
| American Silver Eagle Bullion Coins | 0 | 800,000 | 653,500 | 2,340,500 | 38,428,500 |
