Miami Valley Coin Club

Gold & Silver Prices Lower

Gold and silver futures posted heavy losses Thursday, padding declines that began Wednesday afternoon when the Fed raised interest rates. Gold marked a three-week low while silver logged a five-week low.

Gold for August delivery lost $21.30, or 1.7%, to settle at $1,254.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement is the weakest since May 24.

Gold futures ranged from a low of $1,252.70 to a high of $1,268.50. They are 1.3% lower so far this week.

Meanwhile, silver for July delivery tumbled 42 cents, or 2.5%, to settle at $16.716 an ounce. The close is the lowest since May 12. Silver futures traded between $16.62 and $17.07. They are 2.9% lower on the week to date.

This may represent an interesting buying opportunity for collectors to add gold or silver to their collections