Gold Dips from 2-Week High; US Coin Sales Rise

Shelves of gold bullion bars
Precious metals split Monday with gold and silver lower and platinum and palladium higher

Gold ended lower in kicking off the new trading week and month on Monday as prices dropped from a near two-week high and snapped a three-session winning streak.

Gold for April delivery shed $4.90, or 0.4%, to settle at $1,208.20 an ounce on the Comex division of the New York Mercantile Exchange.

Gold prices ranged from a low of $1,206.60 to a high of $1,223, the most since Feb. 17. They saw pressure as the U.S. dollar reached an 11-year high and as stocks gained with the Nasdaq topping the 5,000 level for the first time since March 2000.

"Gold saw some buying interest overnight after the weekend news that China eased its monetary policy by reducing interest rates," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Gold prices ended the U.S. day session modestly lower" as early gains "gave way to selling pressure at mid-morning as the U.S. dollar index pushed higher."

Gold finished 0.7% higher last week but ended 5% lower in February after soaring 7.5% in January.

Silver for May delivery declined 11 cents, or 0.7%, to close at $16.45 an ounce. The precious metal traded from $16.42 to $16.79. Silver prices surged 1.8% last week to pare their February losses to 3.8%.

In rounding out the precious metals complex on Monday:

  • April platinum edged up $4.30, or 0.4%, to $1,189.90 an ounce, ranging from $1,182.70 to $1,193.90.

  • Palladium tacked on $11.60, or 1.4%, to $831.10 an ounce, trading between $814.10 and $833.50. Palladium is riding a 6-session winning streak.

London Fix Precious Metals

Earlier fixed London precious metals were mixed. In comparing London bullion Fix prices from Friday PM to Monday PM:

  • Gold eased $1.50, or 0.1%, to $1,212.50 an ounce,
  • Silver added 10 cents, or 0.6%, to $16.63 an ounce,
  • Platinum gained $8, or 0.7%, to $1,185 an ounce, and
  • Palladium surged $13, or 1.6%, to $821 an ounce.

US Mint Bullion Coin Sales in March

United States Mint bullion coins started March on a somewhat modest note with sales of 2,000 ounces in gold coins and 320,000 ounces in silver coins. U.S Mint sales eased in February.

Below are U.S. Mint bullion products with columns listing the number of bullion coins sold during varying time periods.

American Eagle and Buffalo Bullion Sales (# of coins)
Monday Sales Last Week February Sales YTD Sales
$50 American Eagle Bullion Gold Coins 500 3,500 12,500 64,500
$25 American Eagle Bullion Gold Coins 1,000 0 2,000 21,000
$10 American Eagle Bullion Gold Coins 2,000 0 0 38,000
$5 American Eagle Bullion Gold Coins 0 10,000 50,000 165,000
$50 American Buffalo Bullion Gold Coins 500 3,000 12,000 47,000
$1 American Eagle Silver Bullion Coins 320,000 777,500 3,022,000 8,872,000
2015 Homestead 5 Oz Silver Bullion Coins 0 5,500 20,000 20,000


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