Gold prices declined slightly Monday in what was described as a "risk off" day amid uncertainty in Europe. Gold and other precious metals were also pressured by a stronger U.S. dollar.
Gold is suffering from a lack of participation right now, which is not a good thing in my view. The market looks vulnerable from a technical standpoint," Reuters quoted Bill O’Neill, partner of commodities wealth manager LOGIC Advisors.
By day’s end, gold gave back a bit more than half of its $10.40 pick-up on Friday. Gold prices for June delivery declined $6.10, or 0.4%, to settle at $1,639.10 an ounce on the Comex in New York. Gold bracketed an intraday low and high of $1,632.20 and $1,644.00.
"On the physical front in gold, the only encouraging news to hit the wires of late has been the removal by the Indian government of the excise tax of 0.6% on non-branded jewelry that had gone into effect on March 16 and which caused a massive strike among that country’s bauble sellers," noted Jon Nadler, Senior Metals Analyst at Kitco Metals Inc. "Finance Minister Mukherjee however left a proposal to double the import tax on gold to 4% on the table."
In other metal futures prices on Monday:
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Silver prices for July delivery settled down 31.0 cents, or 1.0%, to $30.122 an ounce. Prices moved between $29.675 and $30.390.
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Platinum prices for July delivery fell $5.90, or 0.4%, to $1,530.10 an ounce, ranging from $1,512.90 to $1,532.60.
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Palladium prices for June delivery declined $4.35, or 0.7%, to $647.80 an ounce, trading between $644.00 and $655.50.
London Precious Metal
UK markets were closed for the May Day holiday on Monday and, as such, London precious metals fixings were unchanged. Friday PM fixings were:
- Gold at $1,643.75 an ounce,
- Silver at $29.90 an ounce,
- Platinum at $1,530.00 an ounce, and
- Palladium at $633.00 an ounce
U.S. Mint Bullion Coins
Sales of each of the U.S. Mint’s one-ounce bullion coins climbed Monday. Leading gains, as is typical when they do advance, was the Silver Eagle with an increase of 235,000. Gold Buffalo bullion coins advanced for the first time this month, up 1,000. Finally, Gold Eagles continue an impressive May start with another 2,500 added to a monthly total which now stands at 22,500 — 3,500 more than were sold last month and 2,500 over the February total.
The following are the available daily, May and year-to-date bullion coin sales totals as reported by the U.S. Mint.
| U.S. Mint American Eagle and Buffalo Bullion Coin Sales | |||
|---|---|---|---|
| Daily Gains | May Gains | YTD 2012 | |
| American Gold Eagles Coins (1 oz.) | 2,500 | 22,500 | 203,500 |
| American Gold Eagles Coins (1/2 oz.) | 0 | 0 | 51,000 |
| American Gold Eagles Coins (1/4 oz.) | 0 | 0 | 42,000 |
| American Gold Eagles Coins (1/10 oz.) | 0 | 0 | 135,000 |
| American Gold Buffalo Coin (1 oz.) | 1,000 | 1,000 | 56,500 |
| American Silver Eagle Coin | 235,000 | 335,000 | 11,994,000 |
| America the Beautiful 5 Oz. Silver Bullion Coin Sales | |||
|---|---|---|---|
| Prior Weekly | Weekly Gains | All-Time Total | |
| Olympic National Park 5 oz. Silver Coins | 0 | 0 | 85,100 |
| Vicksburg National Military Park 5 oz. Silver Coins | 0 | 0 | 38,300 |
| Chickasaw Park 5 oz. Silver Coins | 0 | 0 | 28,900 |
| TOTAL | 0 | 0 | 152,300 |
All coin sales in the above tables are in number of coins, not in the amount of ounces sold. The U.S. Mint last updated five ounce bullion silver coins sold on Monday, April 9.
