Gold Ends at 1-Week Low; Silver Slips from 1-Month High

by CoinNews.net on March 30, 2017 · 0 comments

gold bars, $100s and $50

Gold lost ground as the U.S. dollar strengthened

Gold futures declined for a third straight session Thursday, after scoring a 1-month high on Monday, and are now 50 cents lower on the week to date.

Gold for June delivery settled down $8.80, or 0.7% to $1,248 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since a week ago, March 23.

"The precious metal saw more profit-taking pressure from recent gains, as well as a downside technical correction," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A solid rebound in the U.S. dollar index from its early-week low also worked against the precious metals markets today."

Gold futures ranged from a low of $1,246.60 to a high of $1,256.50. They lost 0.2% on Wednesday, shed a dime on Tuesday, and climbed 0.6% on Monday when they ended at their best price since Feb. 27.

Elsewhere, silver for May delivery lost 4.6 cents, or 0.3%, to close at $18.206 an ounce. Silver futures traded between $18.07 and $18.32. They were flat on Wednesday, gained 0.8% on Tuesday, and jumped 2% on Monday. The closing price in the prior two sessions was the highest since March 1.

In other precious metals dealings:

  • July platinum dipped 60 cents, or less than 0.1%, to $955.70 an ounce, ranging from $953.20 to $963.50.

  • Palladium for June delivery rose $7.30, or 0.9%, to $797.50 an ounce, trading between $786.70 and $804.95.

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 $1,248.80 an ounce.
  • Silver shed 3 cents, or 0.2% to $18.10 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

United States Mint bullion product advances for the day included:

  • 1,000 ounces in American Gold Eagles;
  • 1,500 ounces in American Gold Buffalos; and
  • 295,000 ounces in American Silver Eagles.

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 Sales Last Week This Week Feb Sales Mar Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 500 8,500 1,500 21,000 16,000 123,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 5,000 1,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 2,000 0 2,000 4,000 4,000 44,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 30,000 35,000 190,000
$50 American Buffalo 1 Oz Gold Coin 1,500 4,000 1,500 15,000 8,500 55,500
$1 American Eagle 1 Oz Silver Coin 295,000 795,000 320,000 1,215,000 1,615,000 7,957,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 200 19,500 200 19,700
2016 Shawnee 5 Oz Silver Coins*
2016 Cumberland Gap 5 Oz Silver Coin*
2016 Harpers Ferry 5 Oz Silver Coin 0 0 0 0 0 0
2016 Theodore Roosevelt 5 Oz Silver Coin*
2016 Fort Moultrie 5 Oz Silver Coin 0 0 0 0 0 0

 

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