Gold Ends Near 5-Week Low, Silver Falls 2.3%

by CoinNews.net on June 4, 2015 · 0 comments

bullion silver and coins

Precious metals ended lower once again on Thursday

Precious metals declined in tandem for a second session in a row on Thursday, and gold prices retrenched to a near five-week low.

Gold for August delivery settled down $9.70, or 0.8%, to $1,175.20 an ounce on the Comex division of the New York Mercantile Exchange. The loss was the biggest since a week ago Tuesday and the settlement price the lowest since May 1 when gold ended at $1,174.50 an ounce.

"The precious metals bulls were again perplexed that the slumping U.S. dollar index this week has not given a boost to gold and silver prices," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Even some modest anxiety in the market place due to this week’s U.S. and German bond market routs did not spur any significant demand for safe-haven gold."

Gold prices traded from a low of $1,172.40 to a high of $1,186.60. In the previous session, they declined by $9.50 or 0.8%.

Silver for July delivery shed 38 cents, or 2.3%, to close at $16.10 an ounce. Silver prices ranged from $16.08 to $16.50. They fell on Wednesday by 32 cents or 1.9%.

In other precious metals futures on Thursday:

  • July platinum lost $4.90, or 0.4%, to $1,099.20 an ounce, trading between $1,094 and $1,109.40.

  • Palladium for September delivery fell $2.70, or 0.4%, to $755.30 an ounce, ranging from $753.20 to $761.

London Precious Metals Prices

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

  • Gold fell $14, or 1.2%, to $1,176 an ounce,
  • Silver shed 13 cents, or 0.8%, to $16.47 an ounce,
  • Platinum declined $9, or 0.8%, $1,100 an ounce, and
  • Palladium lost $5, or 0.7%, to $759 an ounce.

US Mint Bullion Coin Sales in June

United States Mint bullion sales were unchanged Thursday following four-straight business days of gains.

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)
Thursday Last Week This Week/June May Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 4,000 4,000 13,500 140,000
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 0 3,000 32,000
$10 American Eagle 1/4 Oz Gold Coins 0 4,000 0 10,000 58,000
$5 American Eagle 1/10 Oz Gold Coins 0 10,000 15,000 40,000 320,000
$50 American Buffalo 1 Oz Gold Coins 0 2,500 1,500 9,500 77,000
$1 American Eagle 1 Oz Silver Coins 0 375,000 925,000 2,023,500 17,871,000
2015 Homestead 5 Oz Silver Coins* 35,000
2015 Kisatchie 5 Oz Silver Coins* 12,000 42,000

 

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