As other precious metals posted gains on Tuesday, gold ended the day at a three-week settlement low.
Gold for December delivery dropped by $12.10, or 0.6%, to end at $1,935.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Aug. 22 when gold ended at $1,926 an ounce.
One day before a key inflation report is released, gold futures traded between $1,929.90 and $1,947.50 after climbing by 0.2% on Monday.
"People are getting out of the market and waiting to see how the data comes out, and maybe buy gold at a lower price because there’s still (some) safety buying in gold," Reuters quoted Bob Haberkorn, senior market strategist at RJO Futures.
On Wednesday, U.S. inflation data (CPI) for August will be released.
Meanwhile, silver for December delivery edged up 1.9 cents, or 0.08%, closing at a price of $23.402 an ounce. Silver futures ranged from $23.11 and $23.48. On Monday, they rose by 0.9%.
In other precious metals prices on Tuesday:
-
October platinum gained $10.50, or 1.2%, to $912.80 an ounce, trading between $894.50 and $916.40.
- Palladium for December delivery advanced by $26.10, or 2.1%, to $1,245.30 an ounce, ranging from $1,209 to $1,250.50.
US Mint Bullion Sales in 2023
On Monday and Tuesday, published U.S. Mint bullion sales were unchanged. The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Tuesday / This Week | Last Week | July | August | September | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 3,500 | 41,000 | 78,000 | 3,500 | 748,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 0 | 2,000 | 0 | 75,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 0 | 2,000 | 0 | 134,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 20,000 | 0 | 150,000 | 20,000 | 555,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 14,000 | 16,500 | 19,500 | 14,000 | 326,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 717,000 | 209,100,000 | 3,124,000 | 717,000 | 15,656,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 0 | 0 | 12,700 |
Here we have another reversal of fortune with palladium creeping up and gold edging down. Meanwhile silver has fallen more than a bit from the usual $25 “target”.
It’ll rise again. I’m sure of it. Fingers crossed.