Gold Marks 1-Month Low in Week’s Start

0

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
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments