Gold Dips from 1-Month High, Silver Settles at 5-Week High

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

Two silver bullion bars and gold nuggets

Precious metals ended mix with gold and platinum lower and silver and palladium higher

Precious metals futures were mixed Tuesday following two straight session gains before the U.S. Memorial Day holiday. Gold slipped from a 1-month high while silver advanced to a 5-week high.

Gold for August delivery declined $5.70, or 0.4%, to settle at $1,265.70 an ounce on the Comex division of the New York Mercantile Exchange.

"I expect the dollar to continue to strengthen this week until Friday’s jobs data release, therefore I think gold is going to go down from here," Reuters quoted Forex.com market analyst Fawad Razaqzada.

Gold futures ranged from a low of $1,261.80 to a high of $1,273.40. They climbed 1.2% last week, for their third straight weekly gain, and closed at their best price since April 28.

Meanwhile, silver for July delivery gained 10.4 cents, or 0.6%, to end at $17.427 an ounce. The settlement is the highest since April 25. Silver futures traded between $17.20 and $17.46. They surged last week by 3.1%.

In other precious metals futures on Tuesday:

  • July platinum dropped $21.80, or 2.3%, to close at $941.10 an ounce, ranging from $939.80 to $964.80.

  • Palladium for June delivery gained $15.95, or 2%, to settle at $802.65 an ounce, trading between $788.45 and $804.80.

Last week, the two metals posted increases of 2.4% and 3.4%.

London Precious Metals Prices

UK markets were closed Monday for Spring Bank holiday. In comparing earlier fixed London gold and silver prices from Friday PM to Tuesday PM:

  • Gold shed $2.35, or 0.2%, to $1,262.70 an ounce.
  • Silver dipped 2 cents, or 0.1%, to $17.27 an ounce.

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

Last week, London metal prices advanced by 1% for gold, 3.1% for silver, 1.9% for platinum and 1.3% for palladium.

US Mint Bullion Sales in 2017

U.S. Mint bullion products logged increases of 1,000 ounces in gold coins and 200,100 ounces in silver coins. 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 / This Week Last Week April Sales May Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 500 3,500 3,500 10,000 137,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 2,000 27,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 2,000 48,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 20,000 30,000 240,000
$50 American Buffalo 1 Oz Gold Coin 500 0 3,500 5,000 64,000
$1 American Eagle 1 Oz Silver Coin 200,000 595,000 835,000 2,355,000 11,147,500
2017 Effigy Mounds 5 Oz Silver Coin 100 4,600 900 5,600 26,200
2017 Frederick Douglass 5 Oz Silver Coin 0 0 17,600 2,400 20,000

 

This article was edited to include updated U.S. Mint bullion figures.

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