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|