Gold prices ended down for a six consecutive session in starting the new trading week on Monday, marking a fresh four-month low and the longest slump since August.
Gold for August delivery dipped $2, or 0.2%, to close at $1,244 an ounce on the Comex division of the New York Mercantile Exchange. The closing price is the weakest since gold ended at $1,239.80 an ounce on Jan. 31. Gold traded from a low of $1,241.10 to a high of $1,251.
"The technical outlook for gold is not looking very good. There is a good chance it will fall to $1,230 and then all the way $1,200," Reuters quoted a trader in Tokyo. "Physical markets haven’t reacted very much to last week’s drop but if prices fall to $1,200, then we could see some action."
Last month, gold tumbled 3.9% for the worst monthly decline of the year. It fell 3.5% last week.
Climbing for the first time in six sessions, silver for July delivery added 6 cents, or 0.3%, to settle at $18.74 an ounce. The precious metal traded from $18.65 to $18.87 after plunging 2.6% in May.
In PGM futures, platinum fell for a third straight session and palladium advanced for a second. In their breakdowns:
July platinum declined $16, or 1.1%, to $1,436.70 an ounce, ranging from $1,435 to $1,454.10.
- Palladium for September delivery shed $3.70, or 0.4%, to $832.65 an ounce, trading between $830.60 and $837.30.
In May, gains totaled 1.7% for platinum and 2.9% for palladium.
London Fix Precious Metals
Earlier fixed London precious metals fixings retreated. In contrasting the London bullion fixings from Friday PM to Monday PM:
- Gold shed $3.25, or 0.3%, to $1,247.25 an ounce,
- Silver fell 19 cents, or 1%, to $18.81 an ounce,
- Platinum dropped $27, or 1.8%, to $1,437 an ounce, and
- Palladium lost $3, or 0.4%, to $833 an ounce
Last month, increases among London precious metals included 2.8% for platinum and 4.1% for palladium while declines totaled 2.9% for gold and 1.5% for silver.
US Mint Bullion Sales in June
U.S. Mint bullion sales rose by 100 ounces in platinum coins and by 5,500 ounces in gold coins. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Monday, last week, last month, the month so far, and the year-to-date.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Monday / Week-To-Date Sales||Sales Last Week||May Sales||June Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins||100||0||1,000||100||12,300|
|$50 American Gold Eagle Bullion Coins||4,000||6,500||29,000||4,000||159,500|
|$25 American Gold Eagle Bullion Coins||0||0||3,000||0||25,000|
|$10 American Gold Eagle Bullion Coins||0||0||6,000||0||68,000|
|$5 American Gold Eagle Bullion Coins||5,000||5,000||35,000||5,000||330,000|
|$50 American Buffalo Gold Bullion Coins||1,000||3,500||12,500||1,000||96,500|
|$1 American Silver Eagle Bullion Coins||0||426,500||3,988,500||0||21,436,500|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins||0||0||4,000||0||27,000|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||1,700||19,100||0||19,100|