Gold Climbs from 3-Week Low, Silver Extends Losing Streak to 6 Sessions

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

silver bars stacked side by side

Silver futures declines for a sixth straight session Tuesday, closing a new, more than 15-week low

Precious metals futures were mostly lower Tuesday, although modestly. Gold was the exception, rebounding slightly from a 3-week low.

Gold for June delivery added $1.50, or 0.1%, to settle at $1,257 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold bulls have succumbed to selling pressure by losing the battle to defend the $1,260 support. While the metal could still be supported by risk aversion in the medium to longer term, the break below $1,260 may entice sellers to send prices toward $1,240," MarketWatch quoted Lukman Otunuga, research analyst at FXTM Research.

Gold futures traded between $1,252.60 and $1,258.80. They slid 1% in starting the week on Monday, closing at their lowest point since April 10.

Falling for a sixth straight session, silver futures for July delivery shed 1.1 cents, or less than 0.1%, to $16.831 an ounce. The settlement is the lowest since Jan. 13. Silver futures ranged from $16.80 to $17.02. They lost 2.4% in the previous session.

In rounding out precious metals dealings:

  • July platinum fell $6.20, or 0.7%, to $926 an ounce, trading between $924.80 and $937.20.

  • Palladium for June delivery lost 85 cents, or 0.1%, to $813.60 an ounce, ranging from $810.50 to $818.60.

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 lost $11 or 0.9%, to $1,255.45 an ounce.
  • Silver declined 46 cents, or 2.6%, to $16.95 an ounce.

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

US Mint Bullion Sales in 2017

U.S. Mint bullion sales were unchanged as of 4:11 p.m. ET. 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)
Tuesday Sales Last Week This Week / May 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 2,000 3,500 129,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 2,000 46,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 20,000 210,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 1,000 3,500 60,000
$1 American Eagle 1 Oz Silver Coin 0 235,000 530,000 835,000 9,322,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 100 900 20,700
2017 Frederick Douglass 5 Oz Silver Coin 0 1,400 800 17,600 18,400

 

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