Gold Slips To One-Week Low, Silver Drops 1.8%

by CoinNews.net on May 16, 2019 · 0 comments

Gold Bullion, five bars

Gold prices declined 0.9% on Thursday, May 16

Precious metals declined Thursday with losses ranging from 0.6% for palladium to 1.8% for silver. Gold ended at a one-week low after reaching an almost five-week high on Monday.

Gold for June delivery fell $11.60, or 0.9%, to settle at $1,286.20 an ounce on the Comex division of the New York Mercantile Exchange. The close is the weakest since last Thursday, May 9.

"A strong rebound in the U.S. stock market this week has boosted trader and investor risk appetite, which is bearish for the safe-haven metals," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a note. "And a firmer U.S. dollar index today is also a negative for the precious metals markets," Wyckoff added.

Gold futures ranged from a low of $1,284.20 to a high of $1,299.30. They rose 0.1% on Wednesday, retreated 0.4% on Tuesday, and gained 1.1% on Monday — ending at their highest price since April 10.

Silver for July delivery dropped 27.3 cents to settle at $14.539 an ounce. Silver futures traded between $14.51 and $14.83. They were unchanged on Wednesday, rose 0.2% on Tuesday, and dipped less than 0.1% on Monday.

In other precious metals futures Thursday:

  • July platinum declined $14.10, or 1.7%, to $833.60 an ounce, ranging from $833 to $852.20.

  • Palladium for June delivery lost $8.20 to $1,324.70 an ounce, trading between $1,320 and $1,339.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold declined $7.40, or 0.6%%, to $1,291.70 an ounce.
  • Silver fell 2 cent, or 0.1%, to $14.795 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)
Thursday 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 1,000 8,500 6,500 1,000 71,500
$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 25,000 0 135,000
$50 American Buffalo 1 Oz Gold Coin 0 0 1,000 5,500 6,500 1,000 42,500
$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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