Gold prices on Tuesday fell by the biggest amount in several weeks after scoring a three-week high in the previous session.
Gold for June delivery tumbled $27.20, or 2%, to close at $1,300.30 an ounce on the Comex division of the New York Mercantile Exchange. Prices ranged from $1,284.40 to $1,328.40.
"The market was pressured by profit taking from the shorter-term traders and by sell stop orders being triggered in the futures market to accelerate the price downdraft," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily note.
"Tuesday’s heavy selling pressure in gold surprised many market watchers. Rising tensions in Ukraine should have supported gold prices on a safe-haven basis, many reckoned," Wyckoff added.
Silver led precious metals declines with the May contact falling 52 cents, or 2.6%, to finish at $19.49 an ounce. Silver prices ranged from $19.22 to $20.
In PGM futures on Tuesday:
July platinum shed $22.80, or 1.6%, to $1,444.60 an ounce, trading between $1,430.40 and $1,468.30.
- Palladium for June delivery lost $15.60, or 1.9%, to $795.90 an ounce, ranging from $786.50 to $809.95.
London Fix Precious Metals
Earlier fixed London precious metals declined as well. In contrasting the London fix prices from Monday PM to Tuesday PM:
- Gold dropped $27.75, or 2.1%, to $1,298 an ounce,
- Silver added 3 cents, or 0.1%, to $19.77 an ounce,
- Platinum lost $31, or 2.1%, to $1,435 an ounce, and
- Palladium fell $22, or 2.7%, to $791 an ounce
US Mint Bullion Sales in March
U.S. Mint bullion sales advanced across a wide selection of coins on Tuesday. In ounces, overall sales of gold and silver coins are already higher than totals from last week. The Mint did make a correction on Tuesday, dropping sales of Great Smoky Mountains National Park 5 Oz Bullion Coins by 7,700 after an apparent incorrect increase of 15,100 on Monday.
Below is a sales breakdown for U.S. Mint bullion products with columns offering the number of bullion coins sold on Tuesday, last week, this week so far, last month, the month-to-date, and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Sales Last Week||Sales This Week||March Sales||April Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||100||300||100||10,000||700||10,700|
|$50 American Eagle Gold Bullion Coins||1,500||3,000||5,500||16,000||17,500||118,000|
|$25 American Eagle Gold Bullion Coins||0||0||0||2,000||1,000||18,000|
|$10 American Eagle Gold Bullion Coins||2,000||8,000||6,000||4,000||16,000||58,000|
|$5 American Eagle Gold Bullion Coins||5,000||10,000||10,000||30,000||30,000||270,000|
|$50 American Buffalo Gold Bullion Coins||1,500||3,000||1,500||12,000||11,500||77,000|
|$1 American Silver Eagle Bullion Coins||282,500||1,050,500||1,035,000||5,354,000||2,378,500||16,257,500|
|Great Smoky Mountains National Park 5 Oz Bullion Coins||-7,700||0||7,400||12,400||10,000||22,400|