Gold Logs First Loss in Seven Sessions

by CoinNews.net on May 3, 2016 · 0 comments

Five gold bullion bars

Precious metals posted losses ranging from 0.3% for gold to 2.6% for palladium

Precious metals futures declined on Tuesday. Sliding from a 15-month high, gold’s loss was its first in seven sessions.

Gold for June delivery dipped $4, or 0.3%, to settle at $1,291.80 an ounce on the Comex division of the New York Mercantile Exchange.

"The gold market saw some modest profit-taking pressure kick in from the shorter-term futures traders at late-morning Tuesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The U.S. dollar index also saw a corrective bounce today, after notching an eight-month low overnight. The firmer greenback today and weaker crude oil prices were also negative outside markets for the precious metals on this day."

Gold prices traded from a low of $1,284 to a high of $1,303.90. They advanced 0.4% in the prior session and settled at their best level since Jan. 22, 2015.

Falling for a second day in a row after climbing for six straight sessions, silver for May delivery shed 18.3 cents, or 1%, to close at $17.499 an ounce. Silver prices ranged from $17.36 to $17.76. On Monday, they fell 0.8% and logged their first decline in six sessions.

In PGM futures on Tuesday:

  • July platinum dropped $14.80, or 1.4%, to $1,071.60 an ounce, trading between $1,065.10 and $1,092.30.

  • Palladium for June delivery declined $15.90, or 2.6%, to $608.85 an ounce, ranging from $600.40 to $626.

London Precious Metals Prices

London markets closed Monday for May Day holiday. In comparing earlier fixed London gold and silver prices from Friday PM to Tuesday PM:

  • Gold added $8.35, or 0.7%, to $1,294 an ounce.
  • Silver declined 36 cents, or 2%, to $17.49 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales in 2016

U.S. Mint bullion sales were unchanged Tuesday as of 3:03 p.m. Eastern Time.

The U.S. Mint this week allocated sales of American Silver Eagles to 1,085,500 coins, which includes 85,500 coins carried over from last week. Distributors order 62.2% of them on Tuesday. 2016 Silver Eagles are at a record sales pace of 19,590,000 coins, marking a 31.3% increase over the same time in record year 2015.

Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Tuesday Sales Last Week This Week / May Mar Sales Apr Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 0 15,500 7,500 29,000 93,500 286,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 0 1,000 6,000 36,000
$10 American Eagle 1/4 Oz Gold Coins 0 2,000 0 4,000 14,000 66,000
$5 American Eagle 1/10 Oz Gold Coins 0 15,000 5,000 75,000 55,000 380,000
$50 American Buffalo 1 Oz Gold Coins 0 3,500 3,000 7,000 19,500 82,500
$1 American Eagle 1 Oz Silver Coins 0 1,002,000 675,500 4,106,000 4,072,000 19,590,000
2016 Shawnee 5 Oz Silver Coins 0 0 0 0 0 105,000
2016 Cumberland Gap 5 Oz Silver Coins 0 0 0 0 64,000 64,000

 

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