Gold Drops 1.7% To Below $1,400 in July Start

by CoinNews.net on July 1, 2019 · 0 comments

Gold bullion, Three Bars

Gold prices dropped 1.7% on Monday, July 1

The majority of precious metals futures traded lower in their kick off Monday to the U.S. holiday shortened week.

Gold for August delivery fell $24.40, or 1.7%, to settle at $1,389.30 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the weakest since June 19.

"The safe-haven metal has been deflated by weekend geopolitical events that have at least temporarily assuaged the world marketplace and in turn pushed global stock markets higher," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.

Gold futures ranged from a low of $1,384.70 to a high of $1,401.90. They ended Friday with weekly, June and quarterly gains of 1%, 7.8%, and 8.9%, and also surged 10.3% in the first half of 2019. Last Tuesday, they closed at $1,418.70 an ounce for their highest settlement since Aug. 28, 2013.

Silver for September delivery declined 14.8 cents, or 1%, to settle at $15.193 an ounce. Silver futures traded between $15.15 and $15.35. They ended Friday with advances of 0.3% for the week, 5.3% for June, 1.5% for the second quarter, and a loss of 1.3% for the first half of the year.

In other precious metals futures prices on Monday:

  • October platinum shed $3.90, or 0.5%, to $837.20 an ounce, ranging from $833.70 to $851.60.

  • Palladium for September delivery added $7.10, or 0.5%, to $1,544.70 an ounce, trading between $1,523.40 and $1,550.70.

London Precious Metals Prices

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

  • Gold declined $18.90, or 1.3%, to $1,390.10 an ounce.
  • Silver rose 4 cents, or 0.3%, to $15.26 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 Monday. 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)
Monday / July Last Week April May June 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 1,000 6,500 3,500 4,500 78,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 0 19,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 25,000 5,000 5,000 145,000
$50 American Buffalo 1 Oz Gold Coin 0 0 6,500 3,000 3,000 47,500
$1 American Eagle 1 Oz Silver Coin 0 485,000 1,196,000 866,000 1,035,000 10,022,000
American Memorial Park 5 Oz Silver Coin 0 0 N/A 78,000 0 78,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A   6,500 N/A 0 40,000

 

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