Gold prices ended lower for the third time in four sessions on Monday. The precious metal did pair a large portion of earlier session losses as weaker-than-expected U.S. economic data boosted safe-haven demand.
Gold for April delivery shed $2.30, or 0.2%, to close at $1,276.90 an ounce on the Comex division of the New York Mercantile Exchange.
"The release of lower-than-expected U.S. economic data, helped gold cut early losses," Reuters quoted Howard Wen, precious metals analyst for HSBC Securities in New York, noting earlier losses were due to profit-taking. "Underlying physical demand remains supportive, most notably from China."
U.S. consumer spending fell 0.3% in December after gaining 0.5% in November and 0.3% in October, the Commerce Department said Monday. The decline was the biggest since December 2009. On Friday, the department said that the U.S. gross domestic product expanded at a weaker 2.6% annual clip last quarter after the third quarter’s 5% pace.
Gold traded from a low of $1,266.50 to a high of $1,283.90. Gold prices last week slipped by 1% but they ended 7.5% higher on the month.
Silver for March delivery edged up 4 cents, or 0.3%, to settle at $17.25 an ounce. Silver prices ranged from $17.00 to $17.34. They plunged 6% last week yet still soared 10.3% in January.
In rounding out the precious metals complex:
April platinum declined $9.60, or 0.8%, to $1,228.60 an ounce, trading between $1,223.80 and $1,241.90.
- Palladium for March delivery advanced $15.60, or 2%, to $788 an ounce, ranging from $767.25 to $788.60.
London Fix Precious Metals
Earlier fixed London precious metals were mostly higher. In comparing London bullion Fix prices from Friday PM to Monday PM:
- Gold added $12.50, or 1%, to $1,272.50 an ounce,
- Silver rose 30 cents, or 1.8%, to $17.22 an ounce,
- Platinum gained $2, or 0.2%, to $1,223 an ounce, and
- Palladium dipped $2, or 0.3%, to $773 an ounce.
US Mint Bullion Coin Sales in February
United States Mint gold bullion coins are yet to enter the sales boards for February but the agency’s American Silver Eagles advanced 391,000. All U.S. Mint bullion coins logged sharply higher sales in January.
Below are sales of U.S. Mint bullion products with columns listing the number of bullion coins sold on Monday, last week, in January, and the year-to-date. Coins with an asterisk (*) have sold out for 2014 with 2015-dated versions yet to be released.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Monday Sales||Last Week||January Sales||YTD Sales|
|$100 American Platinum Eagle Bullion Coins*||0||0||0||0|
|$50 American Eagle Bullion Gold Coins||0||1,000||51,500||51,500|
|$25 American Eagle Bullion Gold Coins||0||0||18,000||18,000|
|$10 American Eagle Bullion Gold Coins||0||0||36,000||36,000|
|$5 American Eagle Bullion Gold Coins||0||15,000||115,000||115,000|
|$50 American Buffalo Bullion Gold Coins||0||2,000||34,500||34,500|
|$1 American Eagle Silver Bullion Coins||391,000||769,500||5,530,000||5,921,000|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins*||0||0||0||0|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||600||600|
|Arches National Park 5 Oz Silver Bullion Coins*||0||0||0||0|
|Great Sand Dunes 5 Oz Silver Bullion Coins*||0||0||0||0|
|Everglades 5 Oz Silver Bullion Coins*||0||0||0||0|