Precious metals futures closed mostly lower Tuesday after an extended break from trading for the U.S. Memorial Day holiday on Monday. Gold ended the day at a just over two-week low.
Gold for June delivery fell $29.90, or 1.7%, to settle at $1,705.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since May 11.
"Some profit taking from the shorter-term futures traders is featured again today. There is keener trader/investor risk appetite in the marketplace to start the U.S. trading week is also a negative for the safe-haven metals," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.
Gold futures ranged from a low of $1,703.90 to a high of $1,737.20. They fell last week by 1.2%.
Silver for July delivery fell 9.8 cents, or 0.6%, to close at $17.595 an ounce. Silver futures traded between $17.37 and $18.04. They gained 3.7% last week.
In other precious metals futures prices Tuesday:
July platinum lost $13, or 1.5%, to $873.30 an ounce, ranging from $867.40 to $911.90.
- Palladium for June delivery rose $12, or 0.6%, to $1,989.10 an ounce, trading between $1,962 and $2,053.30.
Last week, platinum rallied 8.5% and palladium jumped 6.4%.
London Precious Metals Prices (LBMA)
UK markets closed Monday for a bank holiday. In comparing their levels from Friday PM to Tuesday PM:
- Gold declined $13.30, or 0.8%, to $1,720.25 an ounce.
- Silver rose 30 cents, or 1.8%, to $17.30 an ounce.
In LBMA results last week, prices increased 4.6% for silver, 8.7% for platinum, and 4.1% for palladium while they decreased 0.1% for gold.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Tuesday. 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||April||May||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||1,500||105,000||3,500||283,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||5,000||38,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||10,000||50,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,500||28,500||1,500||117,500|
|$1 American Eagle 1 Oz Silver Coin||0||490,000||750,000||490,000||11,218,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||1,500||0||56,500|
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.