Gold prices settled lower for a second straight session Tuesday after rising for five straight last week.
Gold for April delivery dropped $13.90, or 1%, to close at $1,359 an ounce on the Comex division of the New York Mercantile Exchange.
"With geopolitical concerns easing and equities rallying, gold speculators have the perfect excuse to take profit at these elevated levels," MarketWatch quoted Fawad Razaqzada, technical analyst at FOREX.com. "However, I don’t envisage there to be further sharp falls for gold as the Russia and Ukraine story is unlikely to go away just yet."
Gold prices traded from a low of $1,351.10 to a high of $1,367.90. The precious metal is $20, or 2.6%, lower than Friday when it closed at a six-month high.
Silver prices also closed down for a second day with silver for May delivery off 41 cents, or 1.9%, to $20.86 an ounce. The white metal ranged from $20.63 to $21.25.
In PGM futures prices on Tuesday:
April platinum lost $6.70, or 0.5%, to $1,461.70 an ounce, trading between $1,448.50 and $1,469.90.
- Palladium for June delivery shed $5, or 0.6%, to $771.40 an ounce, ranging from $759.25 to $775.20.
London Fix Precious Metals
Earlier fixed London precious metals declined as well. In contrasting the London fix prices from Monday PM to Tuesday PM:
- Gold slid $22.75, or 1.7%, to $1,355.75 an ounce,
- Silver fell 28 cents, or 1.3%, to $20.94 an ounce,
- Platinum declined $20, or 1.4%, to $1,454 an ounce, and
- Palladium dropped $9.50, or 1.2%, to $762.50 an ounce
US Mint Bullion Coin Sales in March
United States Mint sales advanced for each of its one-ounce bullion coins. Below is a sales breakdown across U.S. Mint bullion products with columns offering the number of bullion coins sold on Tuesday, last week, the week-to-date, last month, the month-to-date, and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Sales Last Week||Week-To-Date Sales||February Sales||March Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||100||8,700||100||N/A||8,800||8,800|
|$50 American Gold Eagle Bullion Coins||1,000||4,000||3,500||22,000||8,500||93,000|
|$25 American Gold Eagle Bullion Coins||0||2,000||0||3,000||2,000||17,000|
|$10 American Gold Eagle Bullion Coins||0||4,000||0||10,000||4,000||42,000|
|$5 American Gold Eagle Bullion Coins||0||15,000||0||50,000||25,000||235,000|
|$50 American Buffalo Gold Bullion Coins||500||1,500||3,500||12,000||9,000||62,500|
|$1 American Silver Eagle Bullion Coins||222,000||1,200,000||843,000||3,750,000||3,143,000||11,668,000|
CoinNews.net is waiting to hear back from the Mint about opening sales for the Great Smoky Mountains National Park Five Ounce Silver Bullion Coin. It launched on Monday.