Gold Drops for Third Day, Settles Below $1,200

by CoinNews.net on April 9, 2015 · 0 comments

Large silver bullion bar, smaller gold bar and nugget

Most precious metals ended lower Thursday

Gold traded lower for a third consecutive session Thursday on a stronger U.S. dollar. Prices closed below $1,200 an ounce for the first time this month and have dropped 2% since scoring a seven-week high on Monday.

Gold for June delivery lost $9.50, or 0.8%, to settle at $1,193.60 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices ranged from a low of $1,192.40 to a high of $1,203.30.

"A strong rally in the U.S. dollar index has once again put the precious metals market bulls on the defensive," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily report. "Gold bears have the firm overall near-term technical advantage. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at this week’s high of $1,224.50. Bears’ next near-term downside price breakout objective is closing prices below solid technical support at $1,178.20."

Also down for a third day, silver for May delivery slipped 28 cents, or 1.7%, to settle at $16.18 an ounce. Silver prices traded between $16.11 and $16.51.

In PGM futures on Thursday:

  • July platinum fell $9.30, or 0.8%, to $1,157 an ounce, ranging from $1,155.20 to $1,167.40.

  • Palladium for June delivery added $6.70, or 0.9%, to $762.40 an ounce, trading between $752.10 and $764.50.

London Precious Metals Prices

Earlier fixed London precious metals declined. In comparing London bullion prices from Wednesday PM to Thursday PM:

  • Gold fell $12.45, or 1%, to $1,194.80 an ounce,
  • Silver plunged 54 cents, or 3.2%, to $16.30 an ounce,
  • Platinum slipped $7, or 0.6%, to $1,162 an ounce, and
  • Palladium declined $3, or 0.4%, to $761 an ounce.

US Mint Bullion Coin Sales in April

United States Mint bullion sales were unchanged Thursday. This listing of U.S. Mint bullion products show the number of coins sold during varying periods and on the year to date. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Thursday Sales Last Week Current Week March Sales April Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 6,000 1,500 35,000 1,500 100,500
$25 American Eagle 1/2 Oz Gold Coins 0 2,000 0 5,000 1,000 26,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 2,000 8,000 2,000 46,000
$5 American Eagle 1/10 Oz Gold Coins 0 5,000 10,000 70,000 10,000 245,000
$50 American Buffalo 1 Oz Gold Coins 0 2,500 1,500 9,500 3,000 59,000
$1 American Eagle 1 Oz Silver Coins 0 675,500 711,000 3,519,000 783,000 12,854,000
2015 Homestead 5 Oz Silver Coins* 1,000 15,000 35,000

 

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