(Kitco News) - Demand for U.S. American Eagle gold and silver bullion coins picked up in May, its first rise after three consecutive monthly declines.

And, while sales have picked up from April’s 16-month low, the physical market remains lackluster.

The latest sales data shows that the U.S. Mint sold 14,500 ounces of gold in various denominations of American Eagle gold bullion coins. Sales more than doubled compared to 6,000 ounces sold in April; however, compared to last year, May’s sales are down 81%.

Despite May’s month-over-month rise, 2017 has not been a great year for bullion coin demand in North America. So far this year, the U.S. Mint has sold a total of 185,500 ounce of gold, down more than 56% compared to 427,500 ounce of gold sold during the same time frame last year.

Analysts are shrugging off the disappointing bullion sales. Phillip Streible, senior market analyst at RJO Futures, said that he doesn’t expect the lackluster physical demand to have much of impact on the futures market. Instead, he added he is paying more attention to U.S. economic data and how it will influence Federal Reserve interest rate hikes and ultimately drive gold prices.

Even with the weak gold coin sales, gold futures were up almost 11% year-to-date, as of the end May.

Although the market is seeing some technical selling pressure Thursday, gold managed to hold above key support at$1,260 an ounce. August Comex gold futures last traded at $1,265.90 an ounce, down 0.74% on the day.

“Right now, gold is holding its breath waiting for new information,” Streible said. “Physical demand right now isn’t as important as investor demand.”

It’s not just the gold market that is seeing weak bullion sales. American Eagle silver bullion demand is also down significantly from last year. Last month, the U.S. Mint sold almost 2.5 million one-ounce silver coins, up almost 200% from April’s anemic sales of 835,000; however, sales last month were down 45% compared to May 2016.

So far this year, the U.S. Mint has sold 11.2 million ounces of silver, down 52% compared to this time last year.

Feeble silver bullion sales is also not having a significant impact on the global market. July Comex silver futures have managed to hold key support around $17 an ounce, last trading at $17.20 an ounce, down 1.18% on the day.