Gold Marks First Loss in Four Sessions; Palladium Drops 5.9%

by CoinNews.net on April 29, 2019 · 1 comment

Fine Gold Bullion 999.9

Gold futures declined 0.6% on Monday, April 29

Precious metals fell Monday, logging declines ranging from 0.3% for platinum to 5.9% for palladium. Gold’s loss was its first in four sessions.

Gold for June delivery lost $7.30, or 0.6%, to settle at $1,281.50 an ounce on the Comex division of the New York Mercantile Exchange.

Gold futures ranged from a low of $1,279.90 to a high of $1,289.10. They rose 1% last week for their first weekly advance in five weeks.

Silver for July delivery — the new, most active contract — gave back 15.5 cents, or 1%, to settle at $14.933 an ounce. Silver futures traded between $14.90 abd $15.12. They climbed 0.3% last week.

In other precious metals prices Monday:

  • July platinum declined $2.30 to $901.30 an ounce, ranging from $891.80 to $905.30.

  • Palladium for June delivery sank $85.20 to $1,362 an ounce, trading between $1,353.70 and $1,457.20.

"This dramatic [pallaidum] sell-off is a bit technical in nature as we started sliding through some key support levels as an extension of the downside with exasperated long liquidation in the market," Reuters quoted David Meger, director of metals trading at High Ridge Futures.

The two metals moved opposite of each other last week with platinum dipping just 10 cents and palladium surging 3.5%.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM

  • Gold declined $4.70, or 0.4%, to $1,279.50 an ounce.
  • Silver fell 3 cent, or 0.2%, to $14.97 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

In LBMA results last week, platinum fell 0.1% while other metal prices registered increases totaling 0.7% for gold, 0.3% for silver and 2.6% for palladium.

US Mint 2019 Bullion Sales

United States Mint bullion sales were unchanged. 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 February March April 2019 Sales
$100 American Eagle 1 Oz Platinum Coin 0 1,800 2,400 4,000 3,900 37,400
$50 American Eagle 1 Oz Gold Coin 0 2,500 11,000 8,500 5,500 69,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 1,000 1,000 19,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 2,000 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 15,000 15,000 10,000 135,000
$50 American Buffalo 1 Oz Gold Coin 0 500 6,000 5,500 5,000 40,000
$1 American Eagle 1 Oz Silver Coin 0 0 2,057,500 850,000 550,000 7,475,000
Lowell 5 Oz Silver Coin 0 0 N/A 80,000 0 80,000

 

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Seth Riesling
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Seth Riesling

Ouch! Palladium down $85.20 per ounce today – down 5.9% in one day & reached a low during the day of around $1315. Good or bad news for collectors?

NumisdudeTX