Precious metals futures on Tuesday declined as a group for a third straight session. Both gold and silver posted their lowest settlements in just over a year.
Gold for August delivery shed $12.40, or 1%, to finish at $1,227.30 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since July 13, 2017, when prices ended at $1,217.30 an ounce.
"The precious metals dropped in conjunction with comments from Federal Reserve Chairman Jerome Powell today that suggested the U.S. economy is strong and inflation is tame," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Powell’s remarks lifted the U.S. dollar index to its daily high."
Gold futures traded from a low of $1,225.90 to a high of $1,245.10. They dipped 0.1% on Monday.
Elsewhere, silver for September fell 19.5 cents, or 1.2%, to close at $15.617 an ounce. The settlement is the worst since July 7, 2017, when prices ended at $15.425 an ounce. Silver futures ranged from $15.56 to $15.89. They lost less than a half cent on Monday.
In rounding out precious metals dealings:
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October platinum declined $6.50, or 0.8%, to $819.90 an ounce, trading between $817.0 and $832.40.
- Palladium for September delivery lost $4.30, or 0.5%, to $909.20 an ounce, ranging from $902 to $923.40.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold declined $8.30, or 0.7%, to 1,232.80 an ounce.
- Silver slipped 4 cents, or 0.3%, to $15.77 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Sales in 2018
United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Tuesday | Last Week | This Week | June | July | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| $50 American Eagle 1 Oz Gold Coin | 0 | 6,000 | 2,500 | 21,500 | 15,000 | 102,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 1,000 | 1,000 | 18,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 4,000 | 0 | 48,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 5,000 | 15,000 | 5,000 | 130,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 5,500 | 0 | 6,500 | 11,000 | 64,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 290,000 | 25,000 | 435,000 | 390,000 | 7,212,500 |
| Pictured Rocks 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Apostle Islands 5 Oz Silver Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| Voyageurs 5 Oz Silver Coin | 0 | 0 | 0 | 30,000 | 0 | 30,000 |
