Gold futures ended on a sour note to start the new trading week on Tuesday. Silver led losses, down more than 5%, and gold marked its lowest price in six weeks.
Gold for April delivery dropped $18.50, or 1.5%, to finish at $1,208.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the weakest since the yellow metal ended a dime lower on Jan. 8.
"U.S. stock indexes that are at or near their record or multi-year highs continue to pull money away from competing asset classes, including safe-haven gold," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "The bearish technical postures for gold and silver are also encouraging chart-based selling in those markets."
Gold prices ranged from a low of $1,203.30 to a high of $1,236.70. Markets in the U.S. closed Monday in observance of President’s Day.
Silver for March delivery plunged 92 cents, or 5.3%, to settle at $16.38 an ounce. The precious metal traded between $16.26 and $17.40.
In PGM futures on Tuesday:
April platinum fell $30.50, or 2.5%, to $1,177 an ounce, ranging from $1,168.30 to $1,217.90.
- Palladium for March delivery declined $11.20, or 1.4%, to $783.25 an ounce, trading between $776.25 and $794.40.
London Fix Precious Metals
Earlier fixed London precious metals declined as well. In comparing London bullion Fix prices from Monday PM to Tuesday PM:
- Gold shed $19.75, or 1.6%, to $1,209.50 an ounce,
- Silver fell 45 cents, or 2.6%, to $16.82 an ounce,
- Platinum declined $14, or 1.2%, to $1,192 an ounce, and
- Palladium dipped $1, or 0.1%, to $786 an ounce.
US Mint Bullion Coin Sales in February
United States Mint bullion sales were unchanged Tuesday. Below are sales of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying time periods.
Coin News Update: The Mint updated bullion sales figures late on Tuesday. It also reported first-day sales of the 2015 Homestead National Monument of America Five Ounce Silver Bullion Coin. The table below has been updated.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Tuesday Sales||Last Week||January Sales||February Sales||YTD Sales|
|$50 American Eagle Bullion Gold Coins||1,500||2,500||51,500||6,000||57,500|
|$25 American Eagle Bullion Gold Coins||0||2,000||18,000||2,000||20,000|
|$10 American Eagle Bullion Gold Coins||0||0||36,000||0||36,000|
|$5 American Eagle Bullion Gold Coins||5,000||30,000||115,000||40,000||155,000|
|$50 American Buffalo Bullion Gold Coins||2,000||4,000||34,500||8,000||42,500|
|$1 American Eagle Silver Bullion Coins||625,000||772,500||5,530,000||2,149,500||7,679,500|
|2015 Homestead 5 Oz Silver Bullion Coins||14,200||N/A||N/A||14,200||14,200|
|Great Smoky Mountains National Park 5 Oz Silver Bullion Coins*||0||0||0||0||0|
|Shenandoah National Park 5 Oz Silver Bullion Coins||0||0||600||0||600|
|Arches National Park 5 Oz Silver Bullion Coins*||0||0||0||0||0|
|Great Sand Dunes 5 Oz Silver Bullion Coins*||0||0||0||0||0|
|Everglades 5 Oz Silver Bullion Coins*||0||0||0||0||0|
Coins with an asterisk (*) have sold out.