Gold marked its biggest loss in nearly three weeks on Thursday, driven lower as investors veered toward riskier bets.
Gold for December delivery fell $16.40, or 1.3%, to close at $1,229.10 an ounce on the Comex division of the New York Mercantile Exchange. The decline was the most since prices tumbled $22.20 on Oct. 3.
"Gold prices ended the U.S. day session solidly lower Thursday, on more profit taking from the shorter-term futures traders and on a weakening near-term technical posture that prompted chart-based selling," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Less risk aversion in the market place this week, evidenced by the strong rally in the U.S. stock market, has also been a major negative for the safe-haven gold market."
Gold traded from $1,226.30 to $1,244.90. The precious metal hit a five-week high as recently as Tuesday, but is now poised for a weekly loss.
Silver for December delivery lost 7 cents, or 0.4%, to settle at $17.16 an ounce. Silver prices ranged from $17.04 to $17.25.
In PGM futures on Thursday:
-
January platinum shed $16.10, or 1.3%, to $1,255 an ounce, ranging from $1,246.60 to $1,270.50.
- Palladium for December delivery rose $2.60, or 0.3%, to $779.30 an ounce, trading between $764.50 and $782.85.
London Fix Precious Metals
Earlier fixed London precious metals declined. When comparing London bullion Fix prices from Wednesday PM to Thursday PM:
- Gold fell $11, or 0.9%, to $1,232.75 an ounce,
- Silver lost 29 cents, or 1.7%, to $17.07,
- Platinum declined $9, or 0.7%, to $1,261 an ounce, and
- Palladium dipped $1, or 0.1%, to $773 an ounce
US Mint Bullion Coin Sales in October
United States Mint bullion coin sales were unchanged for a second consecutive day. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last week, this week so far, last month, in October, and the year to date.
| American Eagle and Buffalo Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Thursday Sales | Last Week | Current Week | September Sales | October Sales | YTD Sales | |
| $100 American Platinum Eagle Bullion Coins | N/A* | 2,700 | 400 | 16,700 | ||
| $50 American Eagle Bullion Gold Coins | 0 | 6,500 | 7,000 | 50,500 | 42,000 | 338,000 |
| $25 American Eagle Bullion Gold Coins | 0 | 1,000 | 1,000 | 6,000 | 6,000 | 38,000 |
| $10 American Eagle Bullion Gold Coins | 0 | 2,000 | 0 | 8,000 | 8,000 | 100,000 |
| $5 American Eagle Bullion Gold Coins | 0 | 20,000 | 5,000 | 30,000 | 35,000 | 475,000 |
| $50 American Buffalo Bullion Gold Coins | 0 | 6,000 | 2,000 | 14,500 | 19,000 | 158,500 |
| $1 American Eagle Silver Bullion Coins | 0 | 580,000 | 715,000 | 4,140,000 | 3,815,000 | 36,066,000 |
| Great Smoky Mountains National Park 5 Oz Silver Bullion Coins | 0 | 0 | 0 | 3,500 | 0 | 33,000 |
| Shenandoah National Park 5 Oz Silver Bullion Coins | 0 | 0 | 400 | 1,000 | 400 | 21,900 |
| Arches National Park 5 Oz Silver Bullion Coins | 0 | 0 | 0 | 800 | 0 | 22,000 |
| Great Sand Dunes 5 Oz Silver Bullion Coins | 0 | 1,500 | 1,400 | 4,500 | 4,200 | 16,200 |
*The U.S. Mint stopped selling bullion Platinum Eagles on Oct. 1. The agency will begin selling 2015-dated issues in early January.
