Gold Falls Below $1,300; Palladium Tumbles 7.9%

by CoinNews.net on March 28, 2019 · 0 comments

Large silver bullion bar, smaller gold bar and nugget

Precious metals futures posted losses ranging 1.6% for gold to 7.9% for palladium

Precious metals were pounded lower Thursday as the U.S. dollar firmed. Palladium dived nearly 8%, silver marked a more than three-month low, and gold finished below $1,300 an ounce for the first time since the middle of the month.

Gold for June delivery — the new, most active contract — declined $21.60, or 1.6%, to settle at $1,295.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 14.

The precious metals bulls are fading fast late this week amid a resurgent U.S. dollar index that is pushing toward its recent multi-month high," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "Gold and silver bulls have company, as much of the raw commodity sector was punished today by the stronger greenback," Wyckoff added.

Gold futures ranged from a low of $1,293.30 to a high of $1,317.60. They shed 0.4% on Wednesday, fell 0.6% on Tuesday, and advanced 0.8% on Monday — ending at their best level since Feb. 26.

Silver for May delivery tumbled 32.5 cents, or 2.1%, to settle at $14.973 an ounce. The close was the lowest since Dec. 24.

Silver futures traded between $14.95 and $15.32. They fell 0.9% on Wednesday, declined 0.9% on Tuesday, and rose 1% on Monday — marking their best close since Feb. 28.

In other precious metals prices Thursday:

  • July platinum lost $18.40, or 2.1%, to $843.80 an ounce, ranging from $838.70 to $870.70.

  • Palladium for June delivery sank $111.80, or 7.9%, to $1,309.70 an ounce, trading between $1,303.20 and $1,424.80. They dropped 6.2% on Wednesday. The metal is poised for a more than 13.5% loss on the week. Last week Wednesday, March 20, palladium scored a record settlement of $1,560.40 an ounce.

London Precious Metals Prices

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

  • Gold declined $14.55, or 1.1%, to $1,295.15 an ounce.
  • Silver dropped 20.5 cents, or 1.3%, to $15.195 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 March 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 1,000 500 27,100 2,400 3,500 33,000
$50 American Eagle 1 Oz Gold Coin 0 500 500 44,500 11,000 8,000 63,500
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 15,000 1,000 1,000 17,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 20,000 0 4,000 24,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 0 90,000 10,000 10,000 110,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 0 23,500 6,000 5,500 35,000
$1 American Eagle 1 Oz Silver Coin 0 0 0 4,017,500 2,157,500 850,000 7,025,000
Lowell 5 Oz Silver Coin 0 0 0 N/A 80,000 80,000

 

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