Gold Extends Losses to Fifth Session in a Row

by CoinNews.net on February 7, 2019 · 0 comments

Gold Bullion Overshadowing Other Bars

Gold futures shed 20 cents on Thursday, Feb. 7

Precious metals futures were mixed Thursday with gold and platinum closing lower and silver and palladium ending higher. Gold has now declined for five straight sessions.

Gold for April delivery dipped 20 cents to settle at $1,314.20 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal has seen pressure this week on strength of the U.S. dollar.

"The exchange rate development is presumably the only reason why gold is falling just now, as gold in euros is holding its own relatively well at around €1,150. We believe that gold should remain in good demand — after all, the political risks appear to be increasing again," wrote analysts at Commerzbank, in a note according to MarketWatch.

Gold futures ranged from a low of $1,306.40 to a high of $1,315.80. They lost 0.4% on Wednesday, inched down less than 0.1% on Tuesday and shed 0.2% on Monday. Last Thursday, they settled at their best price since April 24.

Silver for March delivery rose 1.2 cents, or less than 0.1%, to settle at $15.713 an ounce. Silver futures traded between $15.63 and $15.75. They moved down 0.9% on Wednesday and fell 0.3% on both Tuesday and Monday. Last Thursday, they marked their best close since July 10.

In other precious metals futures prices Thursday:

  • April platinum dropped $16.50, or 2%, to $797.30 an ounce, ranging from $796.70 to $810.

  • Palladium for March added $6.50, or 0.5%, to $1,358.10 an ounce, trading between $1,338.90 and $1,367.80.

London Precious Metals Prices

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

  • Gold declined $2.40, or 0.2%, to $1,310 an ounce.
  • Silver fell 2 cents, or 0.1%, to $15.71 an ounce.

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

US Mint 2019 Bullion Sales

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)
Thursday Last Week This Week January February 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 2,000 500 27,100 1,000 28,100
$50 American Eagle 1 Oz Gold Coin 0 2,500 3,000 44,500 4,000 48,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 15,000 0 15,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 20,000 0 20,000
$5 American Eagle 1/10 Oz Gold Coin 0 40,000 5,000 85,000 5,000 90,000
$50 American Buffalo 1 Oz Gold Coin 0 1,000 2,000 23,500 2,000 25,500
$1 American Eagle 1 Oz Silver Coin 0 116,500 255,000 4,017,500 285,000 4,302,500

 

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