Gold Backs Below $1,300; Silver Edges Higher

by CoinNews.net on July 29, 2014 · 0 comments

American Eagle bullion coins and US $100s

Gold turned lower Tuesday, below the key $1,300 an ounce level. The precious metal was pressured by strength in the U.S. dollar.

Gold slipped to below $1,300 an ounce Tuesday with demand dipping on a stronger U.S. dollar.

Gold for August delivery settled down $5, or 0.4%, to $1,298.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices ended a choppy, two-sided trading session modestly lower Tuesday. Some safe-haven demand was featured early on as there was a bit more risk aversion in the market place," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "However, prices sold off at mid-morning partly due to bearish outside market forces that included a stronger U.S. dollar index and lower crude oil prices."

In a higher-volume trading day, gold moved through an intraday range of $1,295.50 to $1,312.10. Gold prices were flat on Monday.

Silver for September delivery inched up 2 cents, or less than 0.1%, to close at $20.58 an ounce. Silver prices traded from $20.51 to $20.85. They retreated 0.3% during the prior session.

In other precious metals futures on Tuesday:

  • October platinum lost $6.10, or 0.4%, to $1,484.50 an ounce, trading between $1,480.90 and $1,493.20. Prices advanced 0.8% on Monday.

  • Palladium for September declined $2.45, or 0.3%, to $878.30 an ounce, ranging between $878.10 and $886.80. Palladium climbed 0.1% in the previous session.

London Fix Precious Metals

Earlier fixed London precious metals were mixed to flat. In contrasting the London bullion fix prices from Monday PM to Tuesday PM:

  • Gold fell $5.25, or 0.4%, to $1,299.25 an ounce,
  • Silver rose a penny to $20.64 an ounce,
  • Platinum declined $1, or 0.1%, to $1,485 an ounce, and
  • Palladium was unchanged at $884 an ounce

US Mint Bullion Sales in July

United States Mint bullion sales were unchanged as of 3:38 PM ET. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold 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 Current Sales Week June Sales July Sales YTD Sales
$100 American Platinum Eagle Bullion Coins 0 0 0 700 0 12,900
$50 American Eagle Bullion Gold Coins 0 3,000 1,500 43,000 26,000 224,500
$25 American Eagle Bullion Gold Coins 0 0 0 2,000 0 27,000
$10 American Eagle Bullion Gold Coins 0 2,000 0 4,000 6,000 78,000
$5 American Eagle Bullion Gold Coins 0 5,000 0 35,000 25,000 385,000
$50 American Buffalo Bullion Gold Coins 0 1,500 0 16,000 5,500 117,000
$1 American Eagle Silver Bullion Coins 0 615,000 25,000 2,692,000 1,665,000 25,793,500
Great Smoky Mountains National Park 5 Oz Silver Bullion Coins 0 500 0 2,000 500 29,500
Shenandoah National Park 5 Oz Silver Bullion Coins 0 0 0 900 0 20,000
Arches National Park 5 Oz Silver Bullion Coins 0 0 0 18,500 1,500 20,000

 

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