Gold futures fell sharply on Monday, dropping from the near 15-month high on Friday that was sparked by weaker-than-expected U.S. jobs data.
Gold for June delivery declined $27.40, or 2.1%, to settle at $1,266.60 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold prices ended the U.S. day session sharply lower Monday, pressured by profit taking from recent gains, by weak long liquidation in the futures market, and by better risk appetite in the general marketplace to start the trading week," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
Gold prices traded from a low of $1,262.80 to a high of $1,289.50. They edged up 0.3% last week for their second straight weekly gain. On Friday, they jumped 1.7%
Silver for July delivery tumbled 43.8 cents, or 2.5%, to settle at $17.089 an ounce. Silver prices ranged from $16.96 to $17.51. They ended 1.6% lower last week.
In other precious metals futures on Monday:
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July platinum turned down $38.80, or 3.6%, to $1,046.30 an ounce, trading between $1,044.80 and $1,074.50.
- Palladium for June delivery lost $23.10, or 3.8%, to $584.10 an ounce, ranging from $576 to $607.20.
The two metals split last week with platinum rising 0.6% and palladium falling 3.3%.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold declined $23.75, or 1.8%, to $1,265.25 an ounce.
- Silver added 2 cents, or 0.1%, to $17.33 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, gold and platinum logged gains of 0.3% and 0.7% while silver and palladium fell by 3% and 3.8%.
US Mint Bullion Coin Sales in 2016
U.S. Mint bullion sales were unchanged Monday, according to figures on the agency’s website. Earlier in the day, the Mint said it is limiting this week’s sales of bullion American Silver Eagle to 1 million coins.
Below is a sales breakdown of United States Mint bullion products with columns listing the number of bullion coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Monday Sales | Last Week | Mar Sales | Apr Sales | May Sale | 2016 Sales | |
| $50 American Eagle 1 Oz Gold Coins | 0 | 11,000 | 29,000 | 93,500 | 11,000 | 290,000 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 3,000 | 1,000 | 6,000 | 3,000 | 39,000 |
| $10 American Eagle 1/4 Oz Gold Coins | 0 | 0 | 4,000 | 14,000 | 0 | 66,000 |
| $5 American Eagle 1/10 Oz Gold Coins | 0 | 10,000 | 75,000 | 55,000 | 10,000 | 385,000 |
| $50 American Buffalo 1 Oz Gold Coins | 0 | 6,500 | 7,000 | 19,500 | 6,500 | 86,000 |
| $1 American Eagle 1 Oz Silver Coins | 0 | 1,085,500 | 4,106,000 | 4,072,000 | 1,085,500 | 20,000,000 |
| 2016 Shawnee 5 Oz Silver Coins | 0 | 0 | 0 | 0 | 0 | 105,000 |
| 2016 Cumberland Gap 5 Oz Silver Coins | 0 | 0 | 0 | 64,000 | 0 | 64,000 |
With palladium at only about $584 per ounce, I can’t wait for the US Mint’s new 2016 $25 1-oz. .9995 fine palladium bullion American Eagle coins. Exciting for sure!
-NumisDudeTX