Gold futures on Tuesday closed down for a third session in a row as the U.S. dollar extended gains, optimism continued on prospects of a Greek debt deal, and a Fed official said interest rates could rise twice this year.
Gold for August delivery turned down $7.50, or 0.6%, to settle at $1,176.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since June 8.
"Strong daily gains in the U.S. dollar index emboldened the sellers in gold and silver today," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Gold and silver markets traders also got some bearish ‘Fed speak’ Tuesday. Federal Reserve Governor Jerome Powell said the U.S. central bank will raise interest rates in September and again in December, if his economic growth projections prove accurate."
Gold prices traded from a low of $1,175.70 to a high of $1,187.70.
Silver for July delivery tumbled 41 cents, or 2.5%, to close at $15.74 an ounce. Silver prices ranged from $15.67 to $16.18. On Monday, they rose by 3 cents or 0.2%.
In PGM futures on Tuesday:
July platinum added $6.90, or 0.7%, to $1,067.50 an ounce, trading between $1,060.50 and $1,075.10.
- Palladium for September delivery edged up 30 cents to $695.75 an ounce, ranging from $692.50 to $704.
London Precious Metals Prices
Earlier fixed London precious metals prices declined. In comparing London bullion prices from Monday PM to Tuesday PM:
- Gold fell $7.50, or 0.6%, to $1,178 an ounce,
- Silver dropped 23 cents, or 1.4%, to $15.96 an ounce,
- Platinum declined $7, or 0.7%, $1,061 an ounce, and
- Palladium fell $6, or 0.9%, to $693 an ounce.
US Mint Bullion Coin Sales in June
United States Mint bullion sales climbed Tuesday with gold coins rising 9,500 ounces and silver coins advancing 680,000 ounces. As discussed earlier, sales of the Blue Ridge Parkway 5-ounce coin temporarily sold out on Monday, the day they were released. The Mint does not yet have a date for when more will be available.
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)|
|Tuesday Sales||Last Week||Current Week||May Sales||June Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||6,000||18,000||6,000||13,500||44,000||180,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||2,000||0||3,000||2,000||34,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||6,000||0||10,000||8,000||66,000|
|$5 American Eagle 1/10 Oz Gold Coins||10,000||20,000||10,000||40,000||65,000||370,000|
|$50 American Buffalo 1 Oz Gold Coins||2,500||6,500||2,500||9,500||15,000||90,500|
|$1 American Eagle 1 Oz Silver Coins||680,000||975,000||680,000||2,023,500||3,280,000||20,226,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||12,000||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins||–||35,000||N/A||35,000||35,000|