Gold Ends at 2-Week Low on Tuesday, May 26

by CoinNews.net on May 26, 2020 · 0 comments

closeup of gold bullion

Gold prices fell 1.7% on Tuesday, May 26

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.

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