Sales of U.S. Mint American Eagle gold coins dropped to their weakest April since 2007, while silver coin purchases for the month rose 10 percent higher than last year, U.S. government data showed on Monday.
The U.S. Mint sold 4,500 ounces of American Eagle gold coins in April, down 25 percent from the year prior. However, April sales were up 29 percent from March.
During April, spot gold prices rallied to a 2-1/2-month high of $1,365.23 per ounce as concerns over escalating tensions in Syria, U.S. Sanctions on Russia and the U.S.-China trade stand-off weighed on stock markets and helped to knock the dollar index to a two-week low against a basket of currencies.
But later in the month, spot gold prices dipped after the Federal Reserve said the U.S. economy remained on track for continued growth and signaled more interest rate hikes for the year.
Higher interest rates make gold a less appealing asset to investors since it does not draw interest.
U.S. retail investors have also gradually lost their appetite for physical gold as buoyant stock markets offered tempting alternatives, and more coins were being sold back onto the market, further eroding demand for newly minted products.
The U.S. Mint sold 915,000 ounces of American Eagle silver coins in April, the data showed, unchanged from March. April silver coin sales were 9.6 percent higher than in 2017.
The content on this site is protected
by U.S. and international copyright laws and is the property of GoldSeek.com
and/or the providers of the content under license. By "content" we mean any
information, mode of expression, or other materials and services found on GoldSeek.com.
This includes editorials, news, our writings, graphics, and any and all other
features found on the site. Please contact
us for any further information.
Live GoldSeek Visitor Map | Disclaimer
The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy
or completeness of the information (including news, editorials, prices, statistics,
analyses and the like) provided through its service. Any copying, reproduction
and/or redistribution of any of the documents, data, content or materials contained
on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC,
is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be
liable to any person for any decision made or action taken in reliance upon
the information provided herein.
