Gold Ends Lower on Monday, July 30

by CoinNews.net on July 30, 2018 · 0 comments

Fine Gold Bullion 999.9

Gold futures shed 0.1% on Monday, July 30

Precious metals futures lacked major movement Monday. Gold finished lower for a third straight session but was down just 0.1%.

Gold for December delivery — the new, most active contract — shed $1.20 to settle at $1,231.50 an ounce on the Comex division of the New York Mercantile Exchange.

"The gold and silver markets remain in the grips of the chart-based bears, and with no major fundamental news to drive the metals at present, prices will likely continue to drift sideways to lower," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The safe-haven metals bulls need a jolt of fresh, major news on the geopolitical front to create some new uncertainties."

Gold futures ranged from a low of $1,227.80 to a high of $1,234.10. They declined 0.7% last week — their third weekly loss in a row, with the then most active August contract on Friday marking gold’s weakest close since July 13, 2017.

Silver for September moved up 4.4 cents, or 0.3%, to $15.537 an ounce. Silver futures traded between $15.41 and $15.57. They slipped 0.4% last week for their seventh straight weekly decline.

In other precious metals futures on Monday:

  • October platinum inched down 20 cents to $831.50 an ounce, ranging from $824.30 to $834.50.

  • Palladium for September delivery added $4, or 0.4%, to $922.50 an ounce, trading between $916.90 and $929.10.

Last week, platinum rose 0.3% and palladium jumped 3.3%.

London Precious Metals Prices

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

  • Gold dipped 16 cents, or less than 0.1%, to 1,223.80 an ounce.
  • Silver gained 13.5 cents, or 0.9%, to $15.49 an ounce.

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

In LBMA results last week, prices for platinum and palladium rose 0.6% and 4.3% while those for gold and silver declined 0.4% and 0.1%.

US Mint Bullion Sales in 2018

United States Mint bullion sales rose by 100,000 ounces in American Silver Eagles and a combined 7,500 ounces in American Eagle and Buffalo gold coins.

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 Last Week June July 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 30,000
$50 American Eagle 1 Oz Gold Coin 1,500 6,500 21,500 31,500 119,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 1,000 18,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 4,000 2,000 50,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 15,000 25,000 150,000
$50 American Buffalo 1 Oz Gold Coin 6,000 0 6,500 24,500 78,000
$1 American Eagle 1 Oz Silver Coin 100,000 240,000 435,000 885,000 7,707,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 0 30,000
Voyageurs 5 Oz Silver Coin 0 0 30,000 0 30,000

 

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