Precious metals futures on Monday fell as a group for a second straight session. Gold and silver marked fresh milestone lows that reached nearly one year for gold and over seven months for silver.
Gold for August delivery declined $1.50, or 0.1%, to end at $1,239.70 an ounce on the Comex division of the New York Mercantile Exchange. The close is the lowest since July 17, 2017, when prices settled at $1,233.70 an ounce.
"Speculative market participants have been betting for the most part on falling gold prices — they have not significantly expanded their net short positions in the past two weeks, however. Gold continues to be sold by ETF investors: last week saw outflows of 9 tons, and 22 tons since the start of the month," MarketWatch quoted Carsten Fritsch and the commodities team at Commerzbank, in a note.
Gold futures traded from a low of $1,238.30 to a high of $1,245.80. They slipped 1.2% last week for their fourth weekly loss in five weeks.
Meanwhile, silver for September edged down less than a half cent to $15.812 an ounce. The settlement is the worst since Dec. 12 when prices closed at $15.668 an ounce. Silver futures ranged from $15.76 to $15.90. They dropped 1.6% last week — their fifth straight weekly loss.
In other precious metals futures on Monday:
October platinum lost $3.90, or 0.5%, to $826.40 an ounce, trading between $820.60 and $836.50.
- Palladium for September delivery dropped $19.30, or 2.1%, to $913.50 an ounce, ranging from $911.20 to $939.80.
Last week they posted respectively losses of 2.2% and 1.6%.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold dipped 60 cents, or less than 0.1%, to 1,241.10 an ounce.
- Silver was unchanged at $15.81 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
In LBMA results last week, they logged declines totaling 1.1% for gold, 1.2% for silver, 0.8% for platinum, and 0.3% for palladium.
US Mint Bullion Sales in 2018
United States Mint bullion sales rose by 25,000 ounces in American Silver Eagles and a combined 3,000 ounces in American Gold Eagles.
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)|
|Monday||Last Week||June||July||2018 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||30,000|
|$50 American Eagle 1 Oz Gold Coin||2,500||6,000||21,500||15,000||102,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||1,000||18,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||4,000||0||48,000|
|$5 American Eagle 1/10 Oz Gold Coin||5,000||0||15,000||5,000||130,000|
|$50 American Buffalo 1 Oz Gold Coin||0||5,500||6,500||11,000||64,500|
|$1 American Eagle 1 Oz Silver Coin||25,000||290,000||435,000||390,000||7,212,500|
|Pictured Rocks 5 Oz Silver Coin||0||0||0||0||30,000|
|Apostle Islands 5 Oz Silver Coin||0||0||0||0||30,000|
|Voyageurs 5 Oz Silver Coin||0||0||30,000||0||30,000|