Gold, Silver Prices Dip while US Bullion Coins Notch Gains | Coin News

Gold, Silver Prices Dip while US Bullion Coins Notch Gains | Coin News

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Gold and silver prices continued to drift lower Tuesday, but platinum closed higher for the first time in more than a week and palladium settled up for the first time since Thursday.

Gold was again pressured by a weaker euro and stronger U.S. dollar as the yellow metal fell to the lowest point in more than 4-1/2 months.

"(Gold’s) safe haven status has been tarnished," Richcomm Global Services senior analyst Pradeep Unni said, according to Reuters. "It will wobble on the euro’s weakness, but in a very short term, bargain hunting and pent-up demand will emerge taking it higher."

Gold prices for June delivery fell $3.90, or 0.2%, to $1,557.10 an ounce on the Comex in New York, marking a settlement that is the lowest since December 29. Prices ranged from an intraday low of $1,546.80 to a high of $1,564.40.

"The commodity sector is being hit with massive liquidation of funds as investors’ fears regarding a slowing global economy and potential European sovereign issues trump all else," MarketWatch quoted Tom Essaye, editor of the 7:00′s Report, a daily commentary on equity and commodity markets and the economy.

"Gold is getting to that critical level of support at $1,550, and if you can stand the risk, taking a shot there on the long side probably makes sense… As Europe continues to unravel, the prospect of a full blown crisis will increase, and I think you’ll see gold start to absorb some of that money looking for a safe haven beyond the U.S. dollar."