Precious metals declined Tuesday, led by 10.3% loss in silver which had logged an almost 8-year settlement high on Monday.
Gold for April delivery fell $30.50, or 1.6%, to settle at $1,833.40 an ounce on the Comex division of the New York Mercantile Exchange.
"It appears the attempted short-squeeze in the silver market has quickly fizzled. Rallying global equity markets early this week are also a bearish element for the safe-haven metals," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily research note.
Gold future ranged from a low of $1,830.40 to a high of $1,866.30. They rose 0.7% on Monday to post their best close since Jan. 21.
Silver for March delivery sank $3.02 to settle at $26.402 an ounce. Silver futures traded between $26.35 and $29.15. They soared 9.3% on Monday, ending at their highest price since Feb. 19, 2013.
In other precious metals futures Tuesday:
April platinum dropped $42.80, or 3.8%, to $1,096 an ounce, ranging from $1,093.10 to $1,138.20.
- Palladium for March delivery lost $14, or 0.6%, to $2,227.70 an ounce, trading between $2,215 and $2,272.50.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Monday PM to Tuesday PM:
- Gold fell $29.85, or 1.6%, to $1,833.10 an ounce.
- Silver declined $2.26, or 7.6%, to $27.325 an ounce.
US Mint Bullion Sales in 2021
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. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Tuesday||Last Week||This Week||December||January Sales||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||59,000||16,000||48,500||191,000||207,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||5,000||0||2,000||22,000||22,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||8,000||0||0||36,000||36,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||95,000||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||5,500||6,500||10,500||61,500||68,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||1,571,000||751,000||4,775,000||6,346,000|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0||0|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||0||0||0|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0|