Gold Slips Below $1,300 An Ounce As Other Metals Climb

by CoinNews.net on May 14, 2019 · 0 comments

Gold Bullion and Coins

Gold futures shed 0.4% Tuesday, May 14

Precious metals futures on Tuesday moved opposite of their direction on Monday. Silver, platinum and palladium gained while gold slipped from an almost five-week high.

Gold for June delivery retreated $5.50, or 0.4%, to settle at $1,296.30 an ounce on the Comex division of the New York Mercantile Exchange.

"Clearly, gold, like equity indices, has become a headline-driven market," MarketWatch quoted Fawad Razaqzada, technical analyst at Forex.com. "Incoming headlines regarding the ongoing U.S.-China trade dispute, and specifically Donald Trump’s tweets, have led to some sharp moves in recent days."

"While trade uncertainty remains, safe-haven gold ‘should’ remain supported," though gold investors "will also have to consider the impact on physical demand from China in the event of a no deal," Razaqzada added.

Gold futures ranged from a low of $1,294.30 to a high of $1,304.20. They gained 1.1% on Monday, ending at their highest price since April 10.

Silver for July delivery rose 3.5 cents, or 0.2%, to settle at $14.812 an ounce. Silver futures traded between $14.74 and $14.87. They dipped less than 0.1% on Monday.

In rounding out precious metals prices Tuesday:

  • July platinum added $4.20, or 0.5%, to $859.10 an ounce, ranging from $854.30 to $868.10.

  • Palladium for June delivery climbed $16.20, or 1.2%, to $1,333 an ounce, trading between $1,308 and $1,336.10.

London Precious Metals Prices

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

  • Gold rose $2.80, or 0.2%, to $1,298.40 an ounce.
  • Silver added 9.5 cent, or 0.7%, to $14.755 an ounce.

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

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. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Tuesday Last Week This Week March April May 2019 Sales
$100 American Eagle 1 Oz Platinum Coin* N/A 4,000 6,500 N/A 40,000
$50 American Eagle 1 Oz Gold Coin 0 0 500 8,500 6,500 500 71,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 1,000 0 19,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 0 4,000 2,000 0 26,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 0 15,000 10,000 0 145,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 5,500 6,500 0 41,500
$1 American Eagle 1 Oz Silver Coin 0 92,000 0 850,000 1,196,000 160,000 8,281,000
Lowell 5 Oz Silver Coin* N/A 80,000 N/A 80,000

 

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