Gold Marks Fourth Straight Session Loss

by CoinNews.net on May 27, 2015 · 0 comments

Gold Bullion on Scale

Gold dropped for a fourth consecutive session and silver for a third

Gold prices on Wednesday ended lower for a fourth session in a row, marking their longest slump since the first week in March and holding at a more than two-week low.

Gold for June delivery dipped $1.30, or 0.1%, to settle at $1,185.60 an ounce on the Comex division of the New York Mercantile Exchange. The closing price is the lowest since May 11 when gold ended at $1,183 an ounce.

"I think there’s still a little bit of risk getting priced into gold, which is why it’s showing consolidation," Reuters quoted Eli Tesfaye, senior market strategist for brokerage RJO Futures in Chicago. "There’s not a lot of pressure to sell it and a lot of technical sellers are not going to get aggressive until it starts going below $1,175."

Gold traded from a low of $1,184.80 to a high of $1,208.20. It slipped in the prior session by $17.10, or 1.4%.

Down for a third straight session, silver for July delivery fell 10 cents, or 0.6%, to close at $16.65 an ounce. Silver prices ranged from $16.58 to $16.81. They declined on Tuesday by 1.8%.

In PGM futures on Wednesday:

  • July platinum shed $5.10, or 0.5%, to $1,119 an ounce, trading between $1,115.30 and $1,131.40.

  • Palladium for June delivery rose $4.60, or 0.6%, to $785 an ounce, ranging from $779.25 and $787.60.

London Precious Metals Prices

Earlier fixed London precious metals prices were mixed. In comparing London bullion prices from Tuesday PM to Wednesday PM:

  • Gold inched up 45 cents to $1,185.85 an ounce,
  • Silver lost 13 cents, or 0.8%, to $16.66 an ounce,
  • Platinum declined $5, or 0.4%, to $1,122 an ounce, and
  • Palladium gained $7, or 0.9%, to $786 an ounce.

US Mint Bullion Coin Sales in May

United States Mint bullion sales are flat on the week so far. Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday / This Week Last Week April Sales May Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 6,000 23,500 9,500 132,000
$25 American Eagle 1/2 Oz Gold Coins 0 0 4,000 2,000 31,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 4,000 6,000 54,000
$5 American Eagle 1/10 Oz Gold Coins 0 10,000 30,000 30,000 295,000
$50 American Buffalo 1 Oz Gold Coins 0 3,500 10,000 7,000 73,000
$1 American Eagle 1 Oz Silver Coins 0 590,000 2,851,500 1,648,500 16,571,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 0 0 30,000 12,000 42,000

 

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