Gold Drops for Third Day, Silver Snaps 5-Session Advance

by CoinNews.net on March 2, 2017 · 0 comments

Three Silver Bullion Bars

Precious metals futures posted declines ranging from 1.2% for palladium to 4% for silver

Precious metals futures sank Thursday as the dollar rallied and expectations increased for a U.S. rate hike. Gold logged a third straight loss while silver fell from a 16-week high and snapped a five-session advance.

Gold for April delivery declined $17.10, or 1.4%, to settle at $1,232.90 an ounce on the Comex division of the New York Mercantile Exchange. The loss was their largest for a day this year.

"The combined factors of Donald Trump’s positive address in the Congress and the Fed-led dollar momentum has given a two-part blow to the commodity," MarketWatch quoted Mihir Kapadia, CEO and founder of Sun Global Investments, a London-based financial services firm.

Gold futures ranged from a low of $1,231.10 to a high of $1,250.80. The precious metal has dropped nearly $30, or 2.1%, since scoring a 3-1/2-month high when it last ended up on Monday.

Silver for May delivery tumbled 74.1 cents, or 4%, to close at $17.748 an ounce. Silver futures traded between $17.70 and $18.48. On Wednesday, they ended at their best price since Nov. 10.

In rounding out precious metals prices:

  • April platinum fell $29, or 2.9%, to $989.90 an ounce, ranging from $983.50 to $1,020.50.

  • Palladium for June delivery declined $9.25, or 1.2%, to $769.75 an ounce, trading between $766.10 and $777.0.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Wednesday PM to Thursday PM

  • Gold declined $2.30, or 0.2%, to $1,238.10 an ounce.
  • Silver was unchanged at $18.33 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 2017

U.S. Mint bullion sales were unchanged as of 3:31 p.m. ET. This article will be updated if new figures become available by the end of the day.

Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Thursday / Mar Sales Last Week This Week Feb Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 3,000 1,500 21,000 107,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 5,000 24,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 4,000 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 15,000 30,000 155,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 500 15,000 47,000
$1 American Eagle 1 Oz Silver Coin 0 155,000 450,000 1,215,000 6,342,500
2017 Effigy Mounds 5 Oz Silver Coin 0 600 200 19,500 19,500
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coin*
2016 Harpers Ferry 5 Oz Silver Coin 0 0   0 0
2016 Theodore Roosevelt 5 Oz Silver Coin*
2016 Fort Moultrie 5 Oz Silver Coin 0 0   0 0

 

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