Gold Settles Near 2-Week Low; Palladium Plunges 10.3%

by CoinNews.net on April 21, 2020 · 0 comments

Three bullion gold bars

Gold prices slid 1.% on Tuesday, April 21

Precious metals prices tumbled Tuesday, registering losses ranging from 1.4% for gold to 10.3% for palladium. Gold’s finish was its worst in nearly two weeks.

Gold for June delivery fell $23.40 to settle at $1,687.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since April 8.

"Obviously, ongoing historical declines in crude oil pricing are having a deflating impact on most physical commodities," MarketWatch quoted at Zaner Metals wrote in a daily note Tuesday. "In fact, crude oil price action could become the markets primary leading indicator on the global economic outlook and therefore, ongoing spillover pressure should be expected in gold and silver."

Gold futures ranged from a low of $1,666.20 to a high of $1,718. They rose 0.7% on Monday.

Silver for May delivery dropped 73.8 cents, or 4.7%, to settle at $14.876 an ounce. The close was the weakest since April 3. Silver futures traded between $14.56 and $15.56. They gained 2.1% on Monday.

In other precious metals futures prices Tuesday:

  • July platinum lost $37.60, or 4.7%, to $758.40 an ounce, ranging from $716.80 to $791.50.

  • Palladium for June delivery sank $219.90 to $1,907.60 an ounce, trading between $1,765 and $2,130.50.

London Precious Metals Prices (LBMA)

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

  • Gold declined $4.15, or 0.3%, to $1,682.05 an ounce.
  • Silver fell 18 cents, or 1.2%, to $14.97 an ounce.

US Mint Bullion Sales in 2020

United States Mint bullion sales were unchanged Tuesday according to published figures from the agency. In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported.

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)
Tuesday / This Week Last Week January February March April 2020 Sales
$50 American Eagle 1 Oz Gold Coin 0 11,000 38,000 3,500 133,000 56,500 231,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 23,000 2,000 8,000 0 33,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 18,000 2,000 20,000 0 40,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 60,000 20,000 95,000 0 175,000
$50 American Buffalo 1 Oz Gold Coin 0 4,000 21,000 1,000 47,500 4,000 73,500
$1 American Eagle 1 Oz Silver Coin 0 0 3,846,000 650,000 5,482,500 350,000 10,328,500
$1 American Eagle 1 Oz Platinum Coin 0 1,500 14,500 9,300 31,200 1,500 56,500

 

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