Gold in May Start Ends at Two-Month Low

by CoinNews.net on May 1, 2018 · 0 comments

Gold bullion and gold coins

Precious metals declined on Tuesday, May 1

Precious metals futures kicked of the new trading month on Tuesday with losses ranging from 0.9% for gold to 2.5% for palladium.

Gold for June delivery dropped $12.40 to settle at $1,306.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since March 1.

"The recent solid rally in the U.S. dollar index, which hit a four-month high today, continues to squelch buyer interest in the precious metals markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Chart-based selling has also kicked in for gold and silver recently, as their near-term technical postures have deteriorated."

Gold futures ranged from a low of $1,302.30 to a high of $1,317.40. They dipped 0.3% on Monday, the final trading day in April — a month in which gold fell 0.6%.

Silver for July delivery shed 27.4 cents, or 1.7%, to end at $16.127 an ounce. Silver futures traded between $16.07 and $16.37. They fell 0.6% on Monday but logged a 0.8% increase in April.

In other precious metals futures:

  • July platinum declined $10.20, or 1.1%, to $894.20 an ounce, ranging from $893.20 to $907.40.

  • Palladium for June delivery ended down $24.30 to $936.25 an ounce, trading between $934.40 and $960.10.

London Precious Metals Prices

LBMA bullion prices are available on the LBMA website with a delay of midnight.

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Tuesday / May Last Week This Week March April 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 500 2,500 4,000 47,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 10,000 5,000 100,000
$50 American Buffalo 1 Oz Gold Coin 0 500 500 1,000 2,000 30,500
$1 American Eagle 1 Oz Silver Coin 0 75,000 230,000 915,000 915,000 6,007,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 10,000 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 N/A 30,000 30,000

 

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