Gold Falls On New Economic Data, Stronger Dollar Posted by Brian Ford on May 13, 2013
Prices for gold bullion bars, gold bullion coins and certified gold coins all fell on Monday morning as a stronger U.S. currency pushed gold prices downward and new economic data sparked a sell-off of gold derivatives.
The dollar’s strengthening accounted for $3 of gold’s $15 drop, while the remaining $12 loss was attributed to profit-taking after the U.S. Commerce Department said retail sales rose unexpectedly last month. The retail sales figures were the first in a long list due to be released this week. Analysts at Certified Gold Exchange said in a note to clients that this week’s certified gold prices will likely move based on indicators including producer prices, the consumer price index and consumer confidence.
Gold bullion bars were trading just under the $1450 per ounce mark as of 5pm EST. Gold bullion coins such as Canadian Maple Leafs and South African Krugerrands were selling for $1475 when the spot price was at $1433, and the more expensive gold Eagle coins were trading just under the $1500 mark.
Certified Double Eagle coins, including the Saint Gaudens and Liberty Head $20 pieces, were down $12-$35 depending on date and grade. On Monday afternoon, PCGS listed prices for the three most popular investment-grade Double Eagles as follows:
MS62 Saint Gaudens Double Eagle $1900
MS63 Saint Gaudens Double Eagle $2000
MS64 Saint Gaudens Double Eagle $2045
Visit the Certified Gold Exchange Daily Market News Update page often for prices, trends and commentary on the gold investing market.