Gold declined Tuesday, giving back gains from Monday and all of last week. Outflows in gold-backed ETFs were attributed to pressuring the yellow metal.
"The SPDR gold holdings continue to decline, and that’s been a major enemy of any rally attempts here," Reuters quoted Bill O’Neill, partner of commodities investment firm LOGIC Advisors.
Gold for June delivery fell $19.20, or 1.3%, to settle at $1,448.80 an ounce on the Comex in New York. Gold prices ranged from a low of $1,440.40 to a high of $1,470.00. Prices edged up $3.80 on Monday and advanced $10.60 last week.
"There’s a lot of betting against gold going on… Professional money managers have built up a sizeable short position," MarketWatch quoted Ben Traynor, chief economist at BullionVault.
"At the same time, the ETFs continue to lose metal, which makes would-be gold investors circumspect."
In other New York precious metals futures on Tuesday:
Down for a second day, silver for July delivery declined 14.9 cents, or 0.6%, to close at $23.806 an ounce. Silver traded between $23.40 and $24.04. Silver lost 5.9 cents on Monday.
July platinum dropped $26.50, or 1.8%, to $1,481.20 an ounce, ranging from $1,477.30 to $1,506.90. The precious metal advanced $6.50 in the previous session.
- Palladium for June delivery plunged $16.50, or 2.4%, to $680.60 an ounce, ranging from $677.70 to $696.00. Palladium gained $3.80 on Monday.
London Fix Precious Metals
London markets were closed Monday for a banking holiday. In comparing Friday PM to Tuesday PM London fixings:
- Gold declined $25.00, or 1.7%, to $1,444.25 an ounce,
- Silver lost 50.0 cents, or 2.1%, to $23.75 an ounce,
- Platinum fell $17.00, or 1.1%, to $1,484.00 an ounce, and
- Palladium dropped $12.00, or 1.7%, to $682.00 an ounce
US Bullion Coin Sales in May
Sales levels for U.S. Mint bullion products were unchanged Tuesday. The following are daily, May and year-to-date bullion coin totals as published by the United States Mint.
|American Eagle and Buffalo Bullion Coin Sales|
|Tuesday Sales||Last Week||Week-To-Date||May Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||38,000||3,000||13,000||447,000|
|$25 American Eagle Gold Bullion Coins||0||3,000||0||0||40,000|
|$10 American Eagle Gold Bullion Coins||0||4,000||0||0||72,000|
|$5 American Eagle Gold Bullion Coins*||0||5,000||0||0||300,000|
|$50 American Buffalo Gold Bullion Coins||0||14,500||0||1,500||133,500|
|American Silver Eagle Bullion Coins||0||845,000||719,500||719,500||19,029,500|
*The U.S. Mint has temporarily suspended sales of its smallest American Gold Eagle until inventories are replenished. The Mint ran out of them on April 22.