Gold Price at All Time LOW

Precious metals prices at all time low on Tuesday 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:

• 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.