Gold Prices Retreat from 7-Month High

by CoinNews.net on June 7, 2017 · 0 comments

.9999 Fine Gold Pur Bars

Losses in precious metals futures ranged from 0.3% for gold to 2.4% for palladium

Precious metals futures declined on Wednesday for the first time in four sessions, with gold retreating from a seven-month high and silver slipping from its best close in six weeks.

Gold for August delivery shed $4.30, or 0.3%, to settle at $1,293.20 an ounce on the Comex division of the New York Mercantile Exchange.

"When looking at the political news that lies ahead, the gold market is justifiably apprehensive," MarketWatch quoted Edward Meir, an independent commodity consultant at INTL FCStone. "Markets are nervous about the British election, as polls are all over the place," he said.

Gold futures ranged from a low of $1,290.40 to a high of $1,297.60. They advanced 1.2% in the previous session, closing at their highest point since Nov. 4, and climbed 0.2% on Monday.

Elsewhere, silver for July delivery lost 9 cents, or 0.5%, to $17.62 an ounce. Silver futures traded between $17.55 and $17.72. They gained 0.7% on Tuesday, ending at their best price since April 24, after rising 0.3% in their start to the week on Monday.

In PGM futures on Wednesday:

  • July platinum dropped $15.70, or 1.6%, to $947.60 an ounce, ranging from $945.50 to $963.10.

  • Palladium for September delivery tumbled $20.20, or 2.4%, to $828.20 an ounce, trading between $823.75 and $853.25.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Tuesday PM to Wednesday PM:

  • Gold declined $2.50, or 0.2%, to $1,291 an ounce.
  • Silver added 4 cents, or 0.2%, to $17.60 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 2:58 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)
Wednesday Last Week This Week / June May YTD
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 500 0 10,000 137,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 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 0 5,000 30,000 245,000
$50 American Buffalo 1 Oz Gold Coin 0 500 500 5,000 64,500
$1 American Eagle 1 Oz Silver Coin 0 300,000 229,000 2,455,000 11,476,500
2017 Effigy Mounds 5 Oz Silver Coin 0 100 2,000 5,600 28,200
2017 Frederick Douglass 5 Oz Silver Coin 0 0 0 2,400 20,000
2017 Ozark Riverways 5 Oz Silver Coin 0 N/A 17,200 N/A/ 17,200

 

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