Gold Prices End Lower for Third Day, U.S. Mint Bullion Coins Rise

by Bullion Prices Staff on March 28, 2011

U.S. gold prices ended lower for a third straight day on Monday, but losses were held to a modest 0.4%. Declines were attributed, opined analysts, to profit-taking, better U.S. economic data, and the lack of fresh geopolitical issues in the Middle East.

April gold futures prices lost $6.30 to $1,419.90 an ounce on the Comex division of the New York Mercantile Exchange. Prices hit an intraday low of $1,410.10 and reached a high of $1,430.

"The strong U.S. economic data provided some investors with a good excuse to take profits after gold hit a record," Hwang Il Doo, a senior trader at Korea Exchange Bank Futures Co. in Seoul, was quoted on Bloomberg.

"Bullion can soon resume the rally since there are many uncertainties lingering around the market: the euro-zone debt problems and the Middle East unrest as well as the fallout from the Japanese earthquake."

On Friday it was learned that the U.S. gross domestic product was revised higher to an annual growth rate of 3.1% in the three months ending in December. The jobless rate was also reported at a 8.9% in February.

A "lack of significant fresh developments from current geopolitical issues has resulted in some anxiety draining out of markets like gold," analysts at MS Futures said in a note to clients Monday.

May silver inched up 3.9 cents, or 0.1%, to finish at $37.09 an ounce.

In PGM futures prices, June palladium ended down $4.70, or 0.6%, to $745.70 an ounce and April platinum ended up $2.20, or 0.1%, to $1,747.80 an ounce.

London bullion prices fell sharper than those in New York. In comparing PM fixing prices on Monday to those on Friday:

  • Gold dropped $19, or 1.3%, to $1,417 an ounce
  • Silver plummeted $1.06, or 2.8%, to $36.62 an ounce
  • Palladium declined $12, or 1.6%, to $742 an ounce
  • Platinum lost $22, or 1.3%, to $1,730 an ounce

U.S. Mint Authorized Purchasers ordered a range of bullion coins on Monday. Sales improved over Friday with gains in all but one the middle sized American Gold Eagles. Two coins stood out, the 1/4 oz Gold Eagle for having climbed for the first time since March 8 and the Silver Eagle for topping the 12.4 million marker in annual sales.

On another note, this weekend sister site reported on America the Beautiful Silver Bullion Coins availability.

The daily, March and 2011 bullion sales figures follow:

2011 U.S. Mint Bullion Coin Sales
1 oz American Gold Buffalo 36,500 1,500 36,500
1 oz American Gold Eagle 58,000 8,000 261,000
1/2 oz American Gold Eagle 8,000 4,000 21,000
1/4 oz American Gold Eagle 20,000 0 38,000
1/10 oz American Gold Eagle 40,000 5,000 160,000
American Silver Eagle 2,767,000 650,000 12,429,000

Figures above are in coins, not ounces sold.

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