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:
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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.
Any long term physical purchaser of silver and gold will always buy on price weakness. Hedge funds and paper traders trade for momentum and swing trade. Any weakness in the prices of precious metals is an opportunity to accumulate more gold and silver.