Gold Ends Monday at Near Two-Week Low

by CoinNews.net on June 4, 2018 · 0 comments

Six Gold Bars

Losses in precious futures were modest Monday, June 4, ranging from less than 0.1% for silver to 0.4% for platinum

Precious metals futures kicked off the new trading week on Monday with modest losses. Gold and silver posted their third straight session declines with the former ending near a two-week low.

Gold for August delivery dipped $2, or about 0.2%, to settle at $1,297.30 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since May 23.

 "Early gains in the safe-haven metal were lost when the U.S. dollar index rebounded from solid losses overnight and was trading just slightly lower at midday today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.

"A solid rally in the U.S. stock market today, with the indexes hitting multi-week highs, also was a bearish element for the precious metals markets today, as it showed keener risk appetite is present in the world marketplace at present," Wyckoff added

Gold futures ranged from a low of $1,293.80 to a high of $1,302.30. They slipped 0.3% last week.

Silver for July delivery dropped a penny, or less than 0.1%, to settle at $16.431 an ounce. Silver futures traded between $16.38 and $16.56. They dipped 0.6% last week.

In other precious metals futures prices on Monday:

  • July platinum fell $3.20, or 0.4%, to $903.50 an ounce, ranging from $900 to $911.

  • Palladium for September delivery lost $2.30, or 0.2%, to $994.30 an ounce, trading between $988.50 and $1,004.40.

The two metals logged gains last week — 0.6% for platinum and 2% for palladium.

London Precious Metals Prices

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

Last week in LBMA results, palladium climbed 1.3% while the others recorded declines reaching 0.7% for fold, 1.5% for silver, and 0.6% for platinum.

US Mint Bullion Sales in 2018

United States Mint bullion coins logged their first sales gains of the month on Monday. Advances included 50,000 in American Silver Eagles and 5,000 in American Gold Buffalos.

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)
Monday / June Last Week April May 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 10,000 30,000
$50 American Eagle 1 Oz Gold Coin 0 6,000 4,000 18,500 66,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 18,000 44,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 10,000 110,000
$50 American Buffalo 1 Oz Gold Coin 5,000 0 2,000 16,500 52,000
$1 American Eagle 1 Oz Silver Coin 50,000 0 915,000 380,000 6,437,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 30,000 0 30,000

 

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