Precious Metals Decline on Monday, Jan. 29

by CoinNews.net on January 29, 2018 · 0 comments

Six Gold Bars

Precious metals declined in their start to the new trading week on Monday, Jan. 29

Precious metals futures on Monday ended lower for a second consecutive session as the U.S. dollar recovered some from recent declines. Metal losses ranged from 0.2% for palladium to 1.8% for silver.

Gold for February delivery fell $11.80, or 0.9%, to settle at $1,340.30 an ounce on the Comex division of the New York Mercantile Exchange.

"From a technical perspective, inability of gold to break past $1,370 also resulted in profit taking," MarketWatch quoted Chintan Karnani, chief market analyst at Insignia Consultants. "Gold needs to trade over $1,333.50 after the FOMC meeting and nonfarm payrolls on Friday to prevent a crash."

Gold futures traded from a low of $1,336.10 to a high of $1,351.40. They climbed 1.4% last week for their sixth weekly increase in seven weeks. On Thursday, they ended at $1,367.40 an ounce for their best settlement since Aug. 4, 2016.

Silver for March delivery lost 31.4 cents to finish at $17.127 an ounce. Silver futures ranged from $17.08 to $17.47. They jumped 2.4% last week. While also falling on Friday, on Thursday they settled at $17.615 an ounce for their highest close since Sept. 15, 2017.

In other precious metals futures prices:

  • April platinum fell $5.70, or 0.6%, to $1,012.70 an ounce, trading between $1,010.50 and $1,017.40.

  • Palladium for March delivery dipped $1.65, or 0.2%, to $1,083.40 an ounce, ranging from $1,077 to $1,088.85.

Both metals declined last week — platinum by 0.2% and palladium by 1.2%.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:

  • Gold declined $9.30, or 0.7%, to $1,343.85 an ounce.
  • Silver slipped 6.5 cents, or 0.4%, to $17.335 an ounce.

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

Last week in LBMA precious metals prices, palladium dropped 2.2% while the other metals advanced by 1.4% for gold, 2.1% for silver and 0.6% for platinum.

US Mint Bullion Sales in 2018

United States Mint bullion sales moved ahead by 100,000 ounces in American Silver Eagles. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Monday Last Week December 2017 Sales 2018 Sales
$50 American Eagle 1 Oz Gold Coin 0 4,500 38,000 228,500 35,000
$25 American Eagle 1/2 Oz Gold Coin 0 2,000 3,000 37,000 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 64,000 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 25,000 395,000 75,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 14,000 99,500 23,500
$1 American Eagle 1 Oz Silver Coin 100,000 325,000 742,000 18,065,500 3,195,000

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