Gold Marks Fifth Loss and Ends at 8-1/2-Month Low

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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
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