Asided from gold, presious metals kicked of the new trading week with gains. Gold’s daily loss was its fifth straight. The yellow metal ended at a more than 8-1/2-month low.
Gold for April delivery settled down $5.80, or 0.3%, to $1,723 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold finished at $1,720.70 an ounce on June 10.
"Vision of economic recovery, the dollar rebounding off recent lows, equity markets doing well … in this environment there’s been a bit of a lesser demand for gold," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
"But on the other side of that coin, we are seeing an additional $1.9 trillion stimulus being injected into the economy and we could potentially see an inflationary environment down the road, in which gold has a tendency to fare quite well."
Gold futures ranged from a low of $1,718.30 to a high of $1,757.40. They declined 2.7% last week, marking a monthly loss of 6.6%.
Silver for May delivery gained 23.8 cents, or 0.9% to settle at $26.678 an ounce. Silver futures traded between $26.53 and $27.18. They fell 3% last week, registering a decline of 1.8% in February.
In other precious metals futures prices Monday:
April platinum rose $6, or 0.5%, to $1,191.30 an ounce, ranging from $1,175 to $1,232.
- Palladium for June delivery finished up $35.50, or 1.5%, to $2,349 an ounce, trading between $2,305 and $2,380.
Last week platinum dropped 8.3% and palladium declined 2.4%.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Friday PM to Monday PM:
- Gold fell $8.70, or 0.5%, to $1,734.15 an ounce.
- Silver advanced 20.5 cents, or 0.8%, at $26.89 an ounce.
In LBMA results last week, prices declined 2.4% for gold, 1%, for silver, 7% for platinum and 0.04% for palladium.
US Mint Bullion Sales in 2021
United States Mint bullion sales were unchanged 8,500 ounces in American Gold Eagles and 761,000 ounces in American Silver Eagles.
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)|
|Monday||Last Week||January Sales||February Sales||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||3,500||2,500||191,000||121,000||315,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||9,000||22,000||9,000||31,000|
|$10 American Eagle 1/4 Oz Gold Coin||20,000||0||36,000||0||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||95,000||0||95,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||61,500||16,000||77,500|
|$1 American Eagle 1 Oz Silver Coin||761,000||390,500||4,775,000||3,191,500||8,727,500|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||0|
|Tallgrass Prairie 5 oz Silver Coin*||0||0||0||0||0|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0|