Gold and silver futures kicked off the new trading week and month on Monday with sharp losses and 8-week low settlements.
Gold for August delivery dropped $23.10, or 1.9%, to finish at $1,219.20 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since May 10. The yellow metal was pressured, opined analysts, on equity and dollar strength.
"Gold currently looks vulnerable," Bloomberg News quoted UBS Group AG analyst Joni Teves. "Higher yields and market participants digesting a hawkish shift in tone among key central banks of late, while equities stay resilient around all-time highs," are negative for the metal.
Gold futures ranged from a low of $1,218.50 to a high of 1,242.60. They ended Friday with weekly, June and quarterly losses of 1.1%; 2.6%; and 0.7%, but still advanced 7.9% in the first half of 2017.
Silver for September delivery sank 53.5 cents, or 3.2%, to settle at $16.092 an ounce. The settlement is the weakest since May 9. Silver futures ranged from $16.07 to $16.65. They ended Friday with weekly, June and quarterly declines of 0.1%, 4.5% and 8.9%. They climbed 4% in the first half of this year.
In other precious metals futures on Monday:
October platinum declined $20.30, or 2.2%, to $906.10 an ounce, ranging from $905.50 to $933.70.
- Palladium for September added $5.75, or 0.7%, to $842.40 an ounce, trading between $833.65 and $844.35.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold declined $13, or 1.1%, to $1,229.25 an ounce.
- Silver added a penny, or 0.06%, to $16.48 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
Last week, LBMA prices logged losses of 1.1% for gold, 1.4% for silver, 0.5% for platinum and 5.1% for palladium.
US Mint Bullion Sales in 2017
United States Mint bullion sales were unchanged. 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)|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||20,000|
|$50 American Eagle 1 Oz Gold Coin||0||1,000||4,000||141,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||27,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||48,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||10,000||20,000||260,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,000||2,000||66,000|
|$1 American Eagle 1 Oz Silver Coin||0||280,000||986,000||12,233,500|
|2017 Effigy Mounds 5 Oz Silver Coin||0||0||8,800||35,000|
|2017 Frederick Douglass 5 Oz Silver Coin||0||0||0||20,000|
|2017 Ozark Riverways 5 Oz Silver Coin||0||0||20,000||20,000|