U.S. gold prices retreated nearly 1 percent and to a three-week low Monday, pressured by falling oil prices and technically related selling.
"Gold may tumble if margin-call problems should arise in equities here and abroad," Dennis Gartman, an economist and the editor of the Suffolk, Virginia-based Gartman Letter, was cited on Bloomberg.
August gold prices declined $13.60 to $1,515.60 an ounce on the Comex in New York. The level was gold’s lowest since May 23. Gold prices ranged from an intraday low of $1,511.40 to a high of $1,533.90. They are up 6.6 percent this year.
"Heightened risk aversion unhinged bullion prices" in recent sessions, HSBC’s analyst Jim Steel said in a note to clients, according to MarketWatch. "In the current climate, gold did not attract sufficient safe-haven buying to stay firm and instead followed other commodities lower."
Silver prices for July delivery plummeted $1.590, or 4.4 percent, to settle at $34.737 an ounce. Silver prices moved between $34.550 and $36.350. They are up 12.3 percent in 2011.
"Currencies remain relatively volatile and will be the driver in the near term for gold and silver. The outlook for the currencies will have a significant bearing on where the next move is," RBS analyst Daniel Major was quoted on Reuters.
Platinum prices for July delivery lost $26.20, or 1.4 percent, to close at $1,806.80 an ounce. Prices ranged between $1,802.00 and $1,834.30.
Palladium prices for September delivery declined $16.95, or 2.1 percent, to $800.35 an ounce. Palladium traded between $795.00 and $817.05.
London precious metals stepped back as well. When comparing London fix prices on Monday (PM) from those on Friday (PM), gold prices declined $3.00 to $1,526.25 an ounce, silver plunged $1.870 at $35.510 an ounce, platinum lost $14.00 to $1,815.00 an ounce, and palladium declined $4.00 at $806.00 an ounce.
Published United States Mint bullion coin sales figures as of 3:25 p.m. ET remained unchanged from Friday. Those figures follow:
|US Mint 2011 Bullion Coin Sales|
|Gold Eagle Coin (1 oz.)||0||24,500||476,000|
|Gold Eagle Coin (1/2 oz.)||0||0||55,000|
|Gold Eagle Coin (1/4 oz.)||0||0||56,000|
|Gold Eagle Coin (1/10 oz.)||0||15,000||230,000|
|Gold Buffalo Coin (1 oz.)||0||0||74,000|
|Silver Eagle (1 oz.)||0||935,000||19.8365 M|
|ATB Silver Bullion (5 oz.)*||0||0||326,800|
*ATB Silver bullion coin sales figures are not published by the Mint daily. The current figure has an "as of date" of more than two weeks ago (Thursday, May 26).