Gold futures dipped for a second session Thursday, pressured by a stronger U.S. dollar and weakened safe-haven demand.
Gold for December delivery shed $5.90, or 0.4%, to finish at $1,412.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded from an intraday low of $1,402.10 to $1,418.60.
The greenback gained on news that the GDP in the second quarter grew at a revised 2.5% annual rate, up from the 1.7% estimate previously reported.
"The GDP numbers are very big, and put the story of tapering in September back in the forefront," Chris Gaffney, the senior market Strategist at EverBank Wealth Management, said in a telephone interview according to Bloomberg News. "The drumming of the Syria war has receded today, taking some premium away."
Gold slipped in the previous session by $1.40, or less than 0.1%. The precious metal is on track for bullish week, up 1.2%, and a soaring August, up 7.6%.
Silver futures for December delivery — now the new most-active contract — lost 29.9 cents, or 1.2%, to close at $24.14 an ounce. Prices ranged from $23.70 to $24.49. The loss marks the second in a row, though silver prices are still 1.7% higher than last Friday and have jumped 23% in August.
PGMs were lower Thursday as well. In their daily breakdowns:
October platinum declined $17.70, or 1.2%, to $1,522.40 an ounce, trading between $1,518.80 and $1,541.40. Platinum was the lone precious metal higher in the prior session, gaining $8 or 0.5%.
- Palladium for December delivery dropped $8.15, or 1.1%, to $740.10 an ounce, ranging from $738.10 to $747.80. Palladium has fallen four times in the last five sessions.
London Fix Precious Metals
Like bullion futures in New York, London precious metal fixings were lower across the board. In contrasting the Wednesday PM to Thursday PM London Fix prices:
- Gold fell $11.75, or 0.8%, to $1,407.75 an ounce,
- Silver tumbled 63 cents, or 2.5%, to $24.11 an ounce,
- Platinum dipped $1, or less than 0.1%, to $1,527 an ounce, and
- Palladium declined $3, or 0.4%, to $741 an ounce
U.S. Mint Bullion Sales
Sales totals for United States Mint bullion coins were unchanged for a second day Thursday. U.S. Mint bullion sales on the day, the week, the month and year-to-date follow.
|American Eagle and Buffalo Bullion Sales|
|Thursday Sales||Last Week||Week-To-Date Sales||August Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||3,500||3,500||8,500||596,000|
|$25 American Eagle Gold Bullion Coins||0||0||0||1,000||48,000|
|$10 American Eagle Gold Bullion Coins||0||4,000||2,000||6,000||100,000|
|$5 American Eagle Gold Bullion Coins||0||0||0||5,000||455,000|
|$50 American Buffalo Gold Bullion Coins||0||4,000||1,000||9,500||189,500|
|White Mountain 5 oz. Silver Bullion Coins||0||100||1,100||1,200||31,100|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||1,300||1,100||2,700||23,500|
|Great Basin 5 oz. Silver Bullion Coins||0||1,700||2,800||4,500||21,900|
|Fort McHenry 5 oz. Silver Bullion Coins||0||N/A||10,200||10,200||10,200|
|American Silver Eagle Bullion Coins||0||850,000||1,179,000||3,625,000||33,075,000|
Figures above are in the number of coins sold, not in ounces.