Gold Declines Modestly for Third Straight Session

by CoinNews.net on May 9, 2018 · 0 comments

Three bullion gold bars

Gold futures have declined by a combined $1.70, or 0.1%, so far this week

Gold futures changed little again Wednesday — their fourth straight modest move, and marked their third decline in a row.

Gold for June delivery shed 70 cents, or 0.05%, to settle at $1,313 an ounce on the Comex division of the New York Mercantile Exchange.

"Gold market bulls are fighting to hold the yellow metal above critical chart support at $1,300.00, and they have been successful so far, which has stabilized the market for the time being," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note.

"The lack of risk aversion in the marketplace at present is working against the safe-haven gold and silver markets," Wyckoff added.

Gold futures ranged from a low of $1,304.20 to a high of $1,317.20. They slipped 40 cents on Tuesday and dipped 60 cents in starting the week on Monday.

Silver for July delivery rose 6.7 cents, or 0.4%, to close at $16.539 an ounce. Silver futures traded between $16.37 and $16.57. They lost 0.1% on Tuesday and fell 0.2% on Monday.

In PGM futures on Wednesday:

  • July platinum added $4.50, or 0.5%, to $916.60 an ounce, ranging from $908.50 to $916.

  • Palladium for June delivery gained $7.20, or 0.8%, to $970.60 an ounce, trading between $961.80 and $969.10.

London Precious Metals Prices

LBMA bullion prices are available on the LBMA website with a delay of midnight.

US Mint Bullion Sales in 2018

United States Mint bullion sales were unchanged Wednesday after logging their first gains of the month on Tuesday.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.

US Mint Bullion Sales (# of coins)
Wednesday Last Week This Week / May March April 2018 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 500 1,500 2,500 4,000 49,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 0 0 16,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 0 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 5,000 5,000 10,000 5,000 105,000
$50 American Buffalo 1 Oz Gold Coin 0 500 4,500 1,000 2,000 35,000
$1 American Eagle 1 Oz Silver Coin 0 230,000 50,000 915,000 915,000 6,057,500
Pictured Rocks 5 Oz Silver Coin 0 0 0 10,000 0 30,000
Apostle Islands 5 Oz Silver Coin 0 0 0 N/A 30,000 30,000

 

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