Gold prices posted a more than two-week low to start the new trading week on Tuesday after the U.S. holiday break on Monday for Memorial Day.
Gold for June delivery settled down $17.10, or 1.4%, to $1,186.90 an ounce on the Comex division of the New York Mercantile Exchange. The closing price is the lowest since May 11.
"A strong rally in U.S. dollar index is a major bearish weight for the precious metals," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Market place focus remains on the greenback, despite some developments recently that could be perceived as friendly for the safe-haven gold market."
The precious metal traded from a low of $1,184.80 to a high of $1,208.20. Gold prices last week fell 1.7% for their first weekly loss in three.
Silver for July delivery declined 31 cents, or 1.8%, to settle at $16.75 an ounce. Silver prices ranged from $16.65 to $17.18. They tumbled last week by 2.9%.
In other precious metals futures on Tuesday:
July platinum fell $24.50, or 2.1%, to $1,124.10 an ounce, trading between $1,123.20 and $1,152.20.
- Palladium for June delivery lost $3.60, or 0.5%, to $780.40 an ounce, ranging from $776.60 and $788.95.
Platinum and palladium last week shed 5% and 1.8%.
London Precious Metals Prices
London markets closed for Bank Holiday Monday. London precious metals prices mostly declined on Tuesday, with palladium the exception. In comparing London bullion prices from Friday PM to Tuesday PM:
- Gold fell $18.70, or 1.6%, to $1,185.40 an ounce,
- Silver plunged 46 cents, or 2.7%, to $16.79 an ounce,
- Platinum declined $16, or 1.4%, to $1,127 an ounce, and
- Palladium gained $10, or 1.3%, to $779 an ounce.
Last week, silver ended flat while the other precious metals in London logged declines of 1.3% for both gold and platinum and 2% for palladium.
US Mint Bullion Coin Sales in May
United States Mint coin sales were unchanged Tuesday. Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Monday Sales||Last Week||April Sales||May Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||6,000||23,500||9,500||132,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||0||4,000||2,000||31,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||0||4,000||6,000||54,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||10,000||30,000||30,000||295,000|
|$50 American Buffalo 1 Oz Gold Coins||0||3,500||10,000||7,000||73,000|
|$1 American Eagle 1 Oz Silver Coins||0||590,000||2,851,500||1,648,500||16,571,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||0||0||30,000||12,000||42,000|