Precious metals ended mixed on Tuesday, with gold down for a ninth session in a row but silver snapping a six-session losing streak.
Gold for August delivery declined $3.30, or 0.3%, to close at $1,103.50 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price is the lowest since March 25, 2010 when gold ended at $1,094.10 an ounce.
"I wouldn’t be surprised if gold starts to recover a bit back up $1,130 in the coming days, but my sense is that it is still going lower," Reuters quoted Deutsche Bank analyst Michael Lewis.
"At these levels we don’t think gold is being considered cheap. That’s why we wouldn’t be saying to people this is their opportunity to buy because we have no real fundamental justification for gold to go up, given the imminent Fed rate hike and potential for more dollar strength."
Gold prices ranged from a low of $1,095.90 to a high of $1,108.80.
Silver for September delivery added 3 cents, or 0.2%, to settle at $14.79 an ounce. Silver prices traded from $14.62 to $14.93.
In PGM futures on Tuesday:
October platinum slipped $4.30, or 0.4%, to $984.30 an ounce, ranging from $966.30 to $993.60.
- Palladium for September jumped $17.40, or 2.8%, to $629.45 an ounce, trading between $599.35 and $630.40.
London Precious Metals Prices
London gold and silver prices also divided. In comparing London bullion prices from Monday PM to Tuesday PM:
- Gold edged up $1, or less than 0.1%, to $1,105.60 an ounce.
- Silver shed 9 cents, or 0.6%, to $14.75 an ounce.
LBMA platinum and palladium prices are displayed on the LBMA’s website with a delay of midnight after the setting of the prices each day.
US Mint Bullion Coin Sales in July
United States Mint bullion sales were unchanged Tuesday as of 3:21 PM EDT. 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. Those with a double asterisk (**) are temporarily unavailable.
|US Mint Bullion Sales (# of coins)|
|Tuesday Sales||Last Week||This Week||June Sales||July Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||29,000||10,000||62,500||95,000||293,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||2,000||0||4,000||4,000||40,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||6,000||0||12,000||18,000||88,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||40,000||0||85,000||95,000||485,000|
|$50 American Buffalo 1 Oz Gold Coins||0||5,000||2,000||21,000||15,000||111,500|
|$1 American Eagle 1 Oz Silver Coins**||0||0||0||4,840,000||2,709,000||24,495,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||42,000|
|2015 Blue Ridge Parkway 5 Oz Silver Coins||0||7,600||0||35,000||7,600||42,600|