Gold Coin Sales Fall as Prices Continue to Deteriorate

by on

Sales of gold coins from some of the world’s largest mints declined last year as stable prices discouraged investors and demand declined in Asia.

FREE Download: The Monthly MMI® Report – covering the Precious markets.

The Wall Street Journal reported that the US Mint and Australia’s The Perth Mint recorded markedly weaker sales of gold bullion coins as the broader market muddled through a year in which gains were capped by expectations for higher interest rates as the US recovery gained steam. Gold is often seen as an alternative store of value during periods of economic uncertainty.

The Perth Mint said it sold 373,351 ounces of gold bullion coins last year, down 28% from 2013. Sales of The US Mint’s American Eagle coins were down 39% at 524,500 ounces.

The price of Japanese silver fell 2.7% on Monday, January 5 to JPY 603.00 ($5.01) per 10 grams, making it the day’s biggest mover. US silver gained 2.3% to finish at $16.05 per ounce. Chinese silver saw its price rise 1.2% to CNY 3,440 ($554.44) per kilogram. Indian silver finished the day up 0.2% to INR 37,273 ($588.97) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

US gold bullion prices rose 1.3% to $1,198 per ounce. After three straight days of no change, the price of Japanese gold bullion decreased by 0.7% to JPY 4,588 ($38.09) per gram. At CNY 239.80 ($38.65), the price of Chinese gold bullion finished the market day up 0.5% per gram. The price of Indian gold bullion increased 0.4% to INR 27,030 ($427.11) per 10 grams.

The price of Japanese platinum bar fell 0.5% on Monday to JPY 4,667 ($38.75) per gram. US platinum bar prices inched up 0.2% to $1,207 per ounce. The price of Chinese platinum bar remained steady at CNY 258.00 ($41.58) per gram.

The price of Japanese palladium bar fell 1.6% yesterday to JPY 3,152 ($26.17) per gram after three straight days with no change. The price of Chinese palladium bar fell 1.1% to CNY 178.00 ($28.69) per gram. The price of US palladium bar showed little movement yesterday at $796.00 per ounce.

{Comments Off on Gold Coin Sales Fall as Prices Continue to Deteriorate Comments Off on Gold Coin Sales Fall as Prices Continue to Deteriorate}