Gold Falls For First Loss in Four Sessions

by CoinNews.net on May 8, 2019 · 0 comments

Several Gold Bullion Bars

Gold futures shed 0.3% Wednesday, May 8

Precious metals futures posted losses Wednesday ranging from 0.3% for gold to 1.3% for palladium. Gold’s loss was its first in four sessions.

Gold for June delivery declined $4.20 to settle at $1,281.40 an ounce on the Comex division of the New York Mercantile Exchange.

"The markets could be mostly in holding patterns ahead of the high stakes trade negotiations in Washington, D.C., on Thursday," MarketWatch quoted Fawad Razaqzada, technical analyst at Forex.com. "This week’s trade talks could therefore prove binary for gold and global sentiment in general."

"So, with that in mind, we don’t have too strong a view on the short-term direction of gold prices," he added.

Gold futures ranged from a low of $1,280.20 to a high of $1,292.80. They gained 0.1% on Tuesday — a one-week high, and rose 0.2% on Monday.

Silver for July delivery gave back 6.4 cents, or 0.4%, to close at $14.862 an ounce. Silver futures traded between $14.83 and $14.99. They slipped one-tenth of a cent on Tuesday and declined 0.3% on Monday.

In PGM futures Wednesday:

  • July platinum lost $9, or 1%, to $864.40 an ounce, ranging from $863.50 to $879.10.

  • Palladium for June delivery fell $17 to $1,306.40 an ounce, trading between $1,305.30 and $1,332.

London Precious Metals Prices

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

  • Gold rose $4, or 0.3%, to $1,285.20 an ounce.
  • Silver added 10 cent, or 0.7%, to $14.93 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 were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Wednesday / This Week Last Week March April May 2019 Sales
$100 American Eagle 1 Oz Platinum Coin* 0 2,600 4,000 6,500 0 40,000
$50 American Eagle 1 Oz Gold Coin 0 1,000 8,500 6,500 0 70,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 1,000 0 19,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 4,000 2,000 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 15,000 10,000 0 145,000
$50 American Buffalo 1 Oz Gold Coin 0 1,500 5,500 6,500 0 41,500
$1 American Eagle 1 Oz Silver Coin 0 714,000 850,000 1,196,000 68,000 8,189,000
Lowell 5 Oz Silver Coin* 0 0 80,000 0 0 80,000

 

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