Precious metals kicked off the new trading week and month on Monday with losses that ranged from 0.7% for platinum to 3.9% for palladium. Silver drove its losing streak to ten in a row and ended the day near a three-month low. Gold, meanwhile, finished at a more than two-and-a-half-month low.
Gold for June delivery fell $48.10, or 2.5%, to end at $1,863.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Feb. 15 when gold finished $1,856.20 an ounce.
The precious metals are getting hit early this week by the bearish outside market forces of a strong U.S. dollar index that is near a 20-year high, higher U.S. Treasury yields and chart-based selling pressure as the near-term technical have eroded significantly the past two weeks," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold traded between $1,853.40 and $1,900.40. It traded higher on Friday, trimming its losses on the week and in April, respectively, to 1.2% and 2.2%.
Silver for July delivery dropped 50.1 cents, or 2.2%, to end at $22.584 an ounce. The settlement was silver’s weakest since it closed Feb. 4 at $22.475 an ounce. Silver futures ranged from $22.13 to $22.88. On Friday, they marked weekly and monthly losses of 4.8% and 8.2%.
In other precious metals futures prices on Monday:
July platinum shed $6.80 to $932.80 an ounce, trading between $908.80 and $937.40.
- Palladium for June delivery tumbled $91 to $2,216 an ounce, ranging from $2,155.50 to $2,314
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged 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 / May||Last Week||March||April||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||19,500||140,500||80,500||430,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||5,000||3,000||53,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||20,000||14,000||102,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||75,000||25,000||320,000|
|$50 American Buffalo 1 Oz Gold Coin||0||10,000||64,500||27,000||181,500|
|$1 American Eagle 1 Oz Silver Coin||0||17,000||1,080,500||850,000||8,431,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||14,200||0||40,000|
|$25 American Eagle 1 Oz Palladium Coin||0||0||0||0||0|