Gold prices dropped toward a three-week low Tuesday despite factors that have supported gains in the past, including weakness in the U.S. dollar and falling equities.
Gold for August delivery lost $9.00, or 0.7%, to end at $1,377.00 an ounce on the Comex in New York. The settlement price was the lowest since May 22.
"We saw emerging markets sharply lower and a basket of commodities lower as well: copper, lead, zinc, etc. So bad day all around for commodities and gold is trapped in the middle, even on a risk-off day, which would normally be better for gold," MarketWatch quoted Jeffrey D. Wright, senior research analyst at Global Hunter Securities.
Gold touched an intraday low of $1,364.50 and hit a high of $1,387.20. The precious metal inched 0.2% higher on Monday.
Silver for July delivery fell 27.9 cents, or 1.3%, to close at $21.65 an ounce. It ranged from $21.40 to $22.96. Silver gained 0.8% in the previous session.
In other precious metals futures:
-
July platinum declined $27.00, or 1.8%, to $1,479.90 an ounce, trading between $1,475.40 and $1,511.10.
- Palladium for September delivery dropped $16.90, or 2.2%, to $752.50 an ounce, ranging from $750.00 to $772.15.
London Fix Precious Metals
In London, palladium was fixed higher while other major precious metals moved lower. In comparing the Monday PM to Tuesday PM London Fix prices:
- Gold declined $9.00, or 0.7%, to $1,374.25 an ounce,
- Silver shed 23.0 cents, or 1.1%, to $21.58 an ounce,
- Platinum lost $11.00, or 0.7%, to $1,487.00 an ounce, and
- Palladium advanced $3.00, or 0.4%, to $762.00 an ounce
US Bullion Coin Sales in June
Though gold coins were kept in check, sales of U.S. Mint silver bullion coins advanced by a total of 191,500 ounces. Splits were:
- 167,500 of the one-ounce Silver Eagles;
- 3,600 of the five-ounce Perry’s Victory silver coins; and
- 1,200 of the five-ounce White Mountain silver coins
The following are daily, June and year-to-date bullion coin totals as provided by the United States Mint.
| American Eagle and Buffalo Bullion Coin Sales | |||||
|---|---|---|---|---|---|
| Tuesday Sales | Last Week | Week-To-Date | June Sales | YTD Sales | |
| $50 American Eagle Gold Bullion Coins | 0 | 14,000 | 3,500 | 17,500 | 513,000 |
| $25 American Eagle Gold Bullion Coins | 0 | 0 | 0 | 0 | 42,000 |
| $10 American Eagle Gold Bullion Coins | 0 | 0 | 0 | 0 | 78,000 |
| $5 American Eagle Gold Bullion Coins | 0 | 30,000 | 15,000 | 45,000 | 405,000 |
| $50 American Buffalo Gold Bullion Coins | 0 | 4,500 | 2,500 | 7,000 | 151,500 |
| White Mountain 5 oz. Silver Bullion Coins | 1,200 | 0 | 1,200 | 1,200 | 27,000 |
| Perry’s Victory 5 oz. Silver Bullion Coins | 3,600 | 8,000 | 5,900 | 13,900 | 13,900 |
| American Silver Eagle Bullion Coins | 167,500 | 782,000 | 846,000 | 1,628,000 | 23,396,500 |
Figures above are in the number of coins sold, not in ounces.
