Gold Falls from 5-1/2-Month High, Logging First Decline in Six Sessions

by CoinNews.net on April 19, 2017 · 0 comments

Gold bar on top of silver bar

Gold, silver and platinum futures declined by 0.8%; 0.6%; and 0.9%

Gold futures declined for the first time in six sessions Wednesday, falling from a 5-1/2-month high to settle at a 1-week low.

Gold for June delivery shed $10.70, or 0.8%, to finish at $1,283.40 an ounce on the Comex division of the New York Mercantile Exchange. The close is the weakest since April 12.

"Risk aversion in the world marketplace has receded a bit at mid-week and that’s a negative for the safe-haven metal," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The outside markets were bearish for the precious metals on this day as the U.S. dollar index was higher and crude oil prices were lower."

Gold futures ranged from a low of $1,275.40 to a high of $1,294.40. They climbed 0.2% on Tuesday — ending at their best price since Nov. 4, and advanced 0.3% on Monday.

Ending lower for a second day in a row, silver for May delivery fell 11 cents, or 0.6%, to $18.162 an ounce. Silver futures traded between $18.08 and $18.33. They dropped 1.3% in the previous session, and rose less than a half cent on Monday to settle at their highest level since Nov. 10.

In PGM futures on Wednesday:

  • July platinum lost $8.30, or 0.9%, to $970.30 an ounce, ranging from $966.30 to $982.90.

  • Palladium added $4.60, or 0.6%, to $775.60 an ounce, trading between $770.40 and $777.10.

London Precious Metals Prices

In comparing earlier fixed London bullion prices from Tuesday PM to Wednesday PM:

  • Gold edged up a dime to $1,279.05 an ounce.
  • Silver fell 20 cents, or 1.1%, to $18.22 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 totals were unchanged Wednesday. The agency’s collection of bullion coins have not entered the sales boards so far this week. 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)
Wednesday / This Week Last Week Mar Sales April Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 16,000 2,500 126,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 2,000 46,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 35,000 5,000 195,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 8,500 2,000 57,500
$1 American Eagle 1 Oz Silver Coin 0 125,000 1,615,000 380,000 8,337,500
2017 Frederick Douglass 5 Oz Silver Coin 0 2,300 N/A 12,000 12,000
2017 Effigy Mounds 5 Oz Silver Coin 0 0 200 600 20,300

 

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