Gold Extends 1-Month Settlement Low

1

Precious metals prices declined on Tuesday for all but palladium which climbed 0.3%. Gold’s fall was its third straight, extending its one-month settlement low.

Gold for August delivery declined $9.50, or 0.5%, to settle at $1,856.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold ended May 14 at $1,838.10 an ounce.

"There’s growing nervousness about rising inflation and the feeling in precious metal markets is that central banks have to start to respond a bit more aggressively to these inflationary pressures," Reuters quoted Edward Meir, and analyst at ED&F Man Capital Markets.

Gold futures ranged from a low of $1,853 to a high of $1,870.90. They lost 0.7% on Monday.

Silver for July delivery fell 34.6 cents, or 1.2%, to finish at $27.693 an ounce. Silver futures traded between $27.48 and $28.03. They dipped 0.4% on Monday.

In other precious metals futures prices Tuesday:

  • July platinum declined $16.70, or 1.4%, to $1,148.60 an ounce, ranging from $1,146 to $1,169.40.

  • Palladium for September delivery added $8.20 to $2,764.80 an ounce, trading between $2,740 and $2,769.

US Mint Bullion Sales in 2021

The United States Mint published no sales gains on Tuesday. 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)
Tuesday / This Week 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
1 Comment
Inline Feedbacks
View all comments
Kaiser Wilhelm

Aside from whatever may be happening behind the scenes and as such under the public radar regarding what amounts to downward pressure on the price of gold (and by reasonable extension the other precious metals as well), it appears that right now gold can’t win for loosing. Even though rising inflationary pressure should be pushing the price of gold in a positive direction, the anticipation of corrective action by the Fed (and the consequent producing of a rippling effect throughout the entire American banking system) is causing potential gold buyers to shy away from the acquisition volumes deemed necessary to… Read more »