Gold, Silver and Platinum Decline in June Start

by CoinNews.net on June 1, 2017 · 0 comments

Large silver bullion bar, smaller gold bar and nugget

Gold, silver and platinum futures ended lower Thursday while palladium gained

Most precious metals futures closed lower in their start to the new trading month on Thursday, with gold sliding from a five-week high.

Gold for August delivery shed $5.30, or 0.4%, to settle at $1,270.10 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold prices ended the U.S. day session lower Thursday, on profit-taking from recent gains that saw prices hit a four-week high Wednesday," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The U.S. ADP jobs report that was a big miss to the upside today was also bearish for the precious metals markets. The U.S. dollar index was also higher Thursday, and that was a daily negative for the metals."

Gold futures ranged from a low of $1,263.70 to a high of $1,272.80. In the previous session, they advanced 0.8%, marking their highest close since April 24 and ending the month of May with a 0.6% increase.

Elsewhere, silver for July delivery lost 12.5 cents, or 0.7%, to finish at $17.281 an ounce. Silver futures traded between $16.99 and $17.37. On Wednesday, they edged 0.1% lower to trim their June gain to 0.8%. On Tuesday, they settled at their best level since April 25.

In other precious metals futures Thursday:

  • July platinum fell $21.30, or 2.2%, to $929 an ounce, ranging from $925.50 to $951.30.

  • Palladium for June delivery added $7.15, or 0.9%, to $823.10 an ounce, trading between $809.05 and $825.

London Precious Metals Prices

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

  • Gold dipped $1.35, or 0.1%, to $1,264.85 an ounce.
  • Silver declined 18 cents, or 1%, to $17.13 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. 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 / June Last Week This Week May YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 3,500 500 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 0 2,000 48,000
$5 American Eagle 1/10 Oz Gold Coin 0 10,000 0 30,000 240,000
$50 American Buffalo 1 Oz Gold Coin 0 0 500 5,000 64,000
$1 American Eagle 1 Oz Silver Coin 0 595,000 300,000 2,455,000 11,247,500
2017 Effigy Mounds 5 Oz Silver Coin 0 4,600 100 5,600 26,200
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 2,400 20,000

 

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