Platinum started the week on Monday with a gain while gold, silver and palladium ended the day with losses. Gold’s settlement was it’s lowest in a month.
Gold for August delivery lost $13.70, or 0.7%, to finish at $1,865.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold closed May 14 at $1,838.10 an ounce.
"Despite strong indications that inflation is gathering momentum, the market clearly fears that the Fed may hint about QE tapering at the FOMC — a lot seems to hinge on what ‘temporary means’ [in regard to] inflation," MarketWatch quoted Ross Norman, chief executive officer at Metals Daily. "By shifting discussions out beyond the sizzling inflation data in May, they have scope to shift attention beyond that, which would damage gold’s prospects."
The FOMC begins their two-day policy meeting on Tuesday.
Gold futures ranged from a low of $1,845.70 to a high of $1,906.20. They gave back 0.7% last week.
Silver for July delivery fell 10.7 cents, or 0.4%, to settle at $28.039 an ounce. Silver futures traded between $27.56 and $28.45. They gained 0.9% last week.
In other precious metals futures on Monday:
July platinum added $14.20, or 1.2%, to $1,165.30 an ounce, ranging from $1,139.10 to $1,174.
- Palladium for September delivery declined $24.20, or 0.9%, to $2,756.60 an ounce, trading between $2,746 and $2,814.
Last week platinum fell 1.1% while palladium rose 2.2%.
US Mint Bullion Sales in 2021
The United States Mint published no sales gains on Monday. 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)|
|Monday||Last Week||March Sales||April Sales||May||June||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||4,000||55,500||38,500||20,500||4,000||430,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||0||0||31,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||20,000||0||0||0||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||55,000||0||0||0||150,000|
|$50 American Buffalo 1 Oz Gold Coin||0||7,000||33,500||11,000||44,000||7,000||173,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||4,087,000||1,053,000||0||0||13,106,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||35,000||0||40,000||0||75,000|
|Tuskegee Airmen 5 oz Silver Coin||0||0||N/A||50,000||2,900||0||52,900|