Gold futures ended lower on Wednesday for the first time in three sessions, closing at a more than three-week low.
Gold for August delivery fell $13, or 1%, to settle at $1,319.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since June 28 when gold ended at $1,317.90 an ounce. The daily loss was attributed to increased risk appetite and a stronger U.S. dollar.
"The dollar’s strength continues to pressure most commodities, particularly gold," Bloomberg News quoted David Meger, director of metals trading at High Ridge Futures in Chicago. "Safe-haven demand has been diminishing, obviously with equity markets moving to new record highs."
Gold futures ranged from a low of $1,314.30 to a high of $1,338.80. They rose 0.2% on Tuesday and climbed 0.1% on Monday.
Silver for September delivery dropped 39.4 cents, or 2%, to settle at $19.613 an ounce. The close is the lowest since July 1 when silver ended at $19.61 an ounce. The precious metal traded between $19.44 and $20.05.
In PGM futures on Wednesday:
-
October platinum lost $7.10, or 0.7%, to $1,091.50 an ounce, ranging from $1,069.40 to $1,100.70.
- Palladium for September delivery jumped $19.60, or 3%, to $676 an ounce, trading between $648.30 and $677.20.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold fell $15, or 1.1%, to $1,315.90 an ounce.
- Silver declined 20 cents, or 1%, to $19.70 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in 2016
United States Mint bullion sales registered increases of 3,500 ounces in American Eagle and Buffalo gold coins and 200,000 ounces in American Silver Eagles.
Demand for 2016 Silver Eagles has slowed sharply in the last several weeks but their sales are still tracking a record. Their year-to-date total of 27,445,500 coins is 12.1% higher than the amount sold through same time in record-breaking year 2015.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Wednesday Sales | Last Week | This Week | June Sales | July Sales | 2016 Sales | |
| $50 American Eagle 1 Oz Gold Coins | 1,500 | 8,000 | 4,500 | 62,500 | 20,000 | 426,000 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 1,000 | 0 | 3,000 | 2,000 | 48,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 2,000 | 0 | 4,000 | 10,000 | 8,000 | 94,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 5,000 | 5,000 | 15,000 | 70,000 | 25,000 | 530,000 |
| $50 American Buffalo 1 Oz Gold Coins | 1,000 | 1,500 | 3,000 | 14,500 | 7,500 | 120,000 |
| $1 American Eagle 1 Oz Silver Coins | 200,000 | 445,000 | 500,000 | 2,837,500 | 1,195,000 | 27,445,500 |
| 2016 Shawnee 5 Oz Silver Coins | 0 | 0 | 0 | 0 | 0 | 105,000 |
| 2016 Cumberland Gap 5 Oz Silver Coins | 0 | 0 | 0 | 0 | 0 | 75,000 |
| 2016 Harpers Ferry 5 Oz Silver Coins | 0 | 0 | 0 | 34,200 | 0 | 34,200 |
Not a single ATB 5-oz silver bullion “puck” has been purchased in nearly 2 months by the Mint’s 13 worldwide bullion coin Authorized Purchasers. What is up with that situation?
-NumisDudeTX