Gold futures extended their losing streak to six straight sessions Tuesday, and ended at a five-week low.
Gold for April delivery declined $9.40, or 0.8%, to settle at $1,216.10 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the lowest since Feb. 1 when prices closed at $1,208.30 an ounce.
"A strong U.S. dollar index and a deteriorating near-term technical posture are working against the gold market bulls," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report.
"The generally upbeat trader and investor risk appetite in recent weeks — evidenced by rallying world stock markets that have hit record or multi-year highs — has also been a major negative for the safe-haven gold market," Wyckoff added.
Gold futures ranged from a low of $1,215.60 to a high of $1,227.40. Prices have dropped $42.70, or 3.4%, since Feb. 27 when they last ended up and scored a 3-1/2-month high.
Meanwhile, silver for May delivery lost 23.7 cents, or 1.3%, to close at $17.536 an ounce. The settlement is the weakest since Feb. 3. Silver futures traded between $17.49 and $17.82. They climbed 0.2% on Monday.
In other precious metals dealings Tuesday:
April platinum fell $17.10, or 1.8%, to $961.10 an ounce, ranging from $960.40 to $981.70.
- Palladium for June delivery added $1.85, or 0.2%, to $775 an ounce, trading between $763.10 and $777.90.
London Precious Metals Prices
In comparing earlier fixed London bullion prices from Monday PM to Tuesday PM:
- Gold declined $14.30, or 1.2%, to $1,216.65 an ounce.
- Silver declined 11 cents, or 0.6%, to $17.70 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in 2017
U.S. Mint bullion orders logged gains of 3,500 ounces in American Gold Eagles, 500 ounces in American Gold Buffalos, and 50,000 ounces in American Silver Eagles.
Below is a sales breakdown of U.S. bullion products with columns listing 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||This Week||Feb Sales||Mar Sales||2017 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||2,500||1,500||3,500||21,000||3,500||111,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||5,000||0||24,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||4,000||0||40,000|
|$5 American Eagle 1/10 Oz Gold Coin||10,000||15,000||10,000||30,000||10,000||165,000|
|$50 American Buffalo 1 Oz Gold Coin||500||500||500||15,000||500||47,500|
|$1 American Eagle 1 Oz Silver Coin||50,000||450,000||280,000||1,215,000||280,000||6,622,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||200||0||19,500||0||19,500|
|2016 Shawnee 5 Oz Silver Coins*||–|
|2016 Cumberland Gap 5 Oz Silver Coin*||–|
|2016 Harpers Ferry 5 Oz Silver Coin||0||0||0||0||0||0|
|2016 Theodore Roosevelt 5 Oz Silver Coin*||–|
|2016 Fort Moultrie 5 Oz Silver Coin||0||0||0||0||0||0|