Gold prices declined for a fifth straight session on Tuesday, closing below $1,200 an ounce and giving back all of last week’s gains.
Gold for February delivery fell $13.40, or 1.1%, to settle at $1,194.30 an ounce on the Comex division of the New York Mercantile Exchange.
"Prices fell back below the key $1,200.00 level, in a volatile day that saw prices trade both sides of unchanged," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report." Safe-haven demand early in the session gave way to selling pressure on ideas upcoming FOMC data will favor the U.S. monetary policy hawks. The gold and silver bulls have now lost most of the technical momentum they gained last week."
The FOMC’s monthly policy meeting began today and ends on Wednesday.
Gold prices ranged from an intraday low of $1,187.80 to a high of $1,223.90. They slipped in the prior session by $14.80 or 1.2%. Gold surged 2.7% last week, thanks in large part to a rally one week ago of more than $37.
Silver is on a four-session losing streak with the March contract plummeting 81 cents, or 4.9%, to $15.75 an ounce. Prices ranged from $15.54 to $16.67. They dropped 49 cents, or 2.9%, on Monday.
In PGM futures on Tuesday:
-
January platinum declined $18.40, or 1.5%, to $1,196.50 an ounce, trading between $1,195 and $1,228.
- Palladium for March delivery dived $18.55, or 2.3%, to $784 an ounce, ranging from $781.50 to $807.60.
London Fix Precious Metals
Earlier fixed London precious metals were mixed. When comparing London bullion Fix prices from Monday PM to Tuesday PM:
- Gold declined $6.75, or 0.6%, to $1,202.50 an ounce,
- Silver tumbled 56 cents, or 3.3%, to $16.29 an ounce,
- Platinum advanced $5, or 0.4%, to $1,217 an ounce, and
- Palladium fell $8, or 1%, to $803 an ounce.
US Mint Bullion Coin Sales in December
United States Mint bullion silver sales advanced Tuesday with American Silver Eagles gaining 151,000 ounces and America the Beautiful 5 oz Silver Bullion Coins rising 2,500 ounces. On Dec. 5, the U.S. Mint said it anticipate having enough 2014-dated American Silver Eagles to offer through the week of December 15. Next year’s 2015-dated coins go on sale Jan. 12.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Tuesday, last week, this week, last month, in December, and the year to date. Coins with an asterisk (*) have sold out.
| American Eagle and Buffalo Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Tuesday Sales | Last Week | Current Week | November Sales | December Sales | YTD Sales | |
| $100 American Platinum Eagle Bullion Coins* | 0 | 0 | 0 | 0 | 0 | 16,900 |
| $50 American Eagle Bullion Gold Coins | 0 | 0 | 0 | 49,000 | 12,000 | 414,500 |
| $25 American Eagle Bullion Gold Coins | 0 | 0 | 0 | 8,000 | 0 | 46,000 |
| $10 American Eagle Bullion Gold Coins | 0 | 0 | 0 | 12,000 | 6,000 | 118,000 |
| $5 American Eagle Bullion Gold Coins | 0 | 0 | 0 | 40,000 | 30,000 | 560,000 |
| $50 American Buffalo Bullion Gold Coins | 0 | 0 | 0 | 12,500 | 2,500 | 175,500 |
| $1 American Eagle Silver Bullion Coins | 151,000 | 901,000 | 235,500 | 3,426,000 | 1,958,000 | 43,505,000 |
| Great Smoky Mountains National Park 5 Oz Silver Bullion Coins* | 0 | 0 | 0 | 0 | 0 | 33,000 |
| Shenandoah National Park 5 Oz Silver Bullion Coins | 500 | 300 | 500 | 900 | 1,100 | 24,400 |
| Arches National Park 5 Oz Silver Bullion Coins* | 0 | 0 | 0 | 0 | 0 | 22,000 |
| Great Sand Dunes 5 Oz Silver Bullion Coins | 0 | 800 | 1,400 | 1,700 | 4,000 | 21,900 |
| Everglades 5 Oz Silver Bullion Coins | 0 | 0 | 0 | 27,000 | 7,000 | 34,000 |
