Gold dropped to an almost four-month low Tuesday as the U.S. dollar rallied to its highest level since 2003. The loss marks a sixth in seven sessions.
Gold for April delivery declined $6.40, or 0.5%, to close at $1,160.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the lowest since gold finished at $1,159.10 an ounce on Nov. 12.
"Sentiment has been lousy for gold," MarketWatch quoted Brien Lundin, editor of Gold Newsletter. But "from a contrarian point of view, [that] probably makes gold and gold stocks an outstanding opportunity."
Gold traded from a low of $1,153.80 to a high of $1,169.60. Prices have slipped 2% on the year.
Silver for May delivery fell 14 cents, or 0.9%, to settle at $15.63 an ounce. Prices ranged from $15.58 to 15.83. Silver has ended flat or lower for eight straight sessions.
In PGM futures on Tuesday:
April platinum declined $18.60, or 1.6%, to $1,130 an ounce, trading between $1,129 and $1,151.60.
- Palladium tumbled $18.85, or 2.3%, to $804.10 an ounce, ranging from $801 to $824.75.
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 $6.50, or 0.6%, to $1,162 an ounce,
- Silver declined 14 cents, or 0.9%, to $15.78 an ounce,
- Platinum fell $13, or 1.1%, to $1,139 an ounce, and
- Palladium dropped $15, or 1.8%, to $808 an ounce.
US Mint Bullion Coin Sales in March
United States Mint bullion sales were unchanged Tuesday as of 2:50 PM ET. Below are U.S. Mint bullion products with columns listing the number of bullion coins sold during varying time periods.
|US Mint Bullion Sales (# of coins)|
|Tuesday Sales||Last Week||Current Week||February Sales||March Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||2,500||6,000||12,500||8,500||72,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||3,000||0||2,000||3,000||23,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||2,000||0||0||2,000||38,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||20,000||0||50,000||20,000||185,000|
|$50 American Buffalo 1 Oz Gold Coins||0||1,500||1,500||12,000||3,000||49,500|
|$1 American Eagle 1 Oz Silver Coins||0||587,000||482,500||3,022,000||1,069,500||9,621,500|
|2015 Homestead 5 Oz Silver Coins||0||0||7,200||20,000||7,200||27,200|