Gold and silver futures ended lower Wednesday for a second session in a row. Platinum and palladium, however, gained after falling on Tuesday.
Gold for December delivery declined $2.90, or 0.2%, to settle at $1,211.50 an ounce on the Comex division of the New York Mercantile Exchange.
"The bull run for gold has been very short-lived. One of the reasons that we have seen weakness in the gold price is because the U.S. economy is standing on robust ground and consumers are feeling confident about this as was evident in yesterday’s economic data," MarketWatch quoted Naeem Aslam, chief market analyst with Think Markets.
"The most vital factor in play is the [Federal Reserve] rate-hike cycle. The rate hikes are pushing the dollar higher and for investors dollar is the more favorite instrument," he said.
Gold futures ranged from a low of $1,206.60 to a high of $1,212.90. They shed 0.1% on Tuesday and rose 0.2% on Monday, marking their best settlement since Aug. 10.
Elsewhere, silver for September lost 7.7 cents, or 0.5%, to settle at $14.697 an ounce. Silver futures traded between $14.58 and $14.73. They fell 0.6% on Tuesday and climbed 0.4% on Monday, posting their best close since Aug. 14.
In PGM futures on Wednesday:
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October platinum rose $1.30, or 0.2%, to $796.60 an ounce, ranging from $786.50 to $797.60.
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Palladium for December delivery — the new, most active contract — advanced $18.90, or 2%, to $954.30 an ounce, trading between $927.20 and $956.20.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:
- Gold fell $8.05, or 0.7%, to 1,204.20 an ounce.
- Silver dropped 21 cents, or 1.4%, to $14.69 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
The United States Mint registered broad gains Wednesday among its American Eagle bullion products. American Silver Eagles rose by 25,000 ounces. Every denomination of American Gold Eagles rose for combined sales of 3,000 ounces.
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) | ||||||
|---|---|---|---|---|---|---|
| Wednesday | Last Week | This Week | July | August | 2018 Sales | |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 30,000 |
| $50 American Eagle 1 Oz Gold Coin | 1,500 | 3,000 | 4,000 | 31,500 | 17,500 | 136,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 1,000 | 1,000 | 2,000 | 1,000 | 4,000 | 22,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 2,000 | 0 | 2,000 | 2,000 | 4,000 | 54,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 5,000 | 0 | 5,000 | 25,000 | 10,000 | 160,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 2,000 | 24,500 | 20,000 | 98,000 |
| $1 American Eagle 1 Oz Silver Coin | 25,000 | 225,000 | 350,000 | 885,000 | 1,530,000 | 9,237,500 |
| 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 | 0 | 0 | 30,000 |
