Gold Falls 0.4% As Core Inflation Firms; Palladium Slides From Record

by CoinNews.net on July 11, 2019 · 0 comments

Gold Eagle bullion coins and inflation

Gold futures declined Thursday, July 11, after a report showed warming core inflation

Most precious metals futures finished lower Thursday. Palladium dropped from an all-time record, silver declined for the first time since Friday, and gold fell from a one-week high.

Gold for August delivery declined $5.80, or 0.4%, to settle at $1,406.70 an ounce on the Comex division of the New York Mercantile Exchange.

"We saw today’s inflation data — the markets started to back off today because it challenges the need for additional rate cuts," Reuters quoted Chris Gaffney, president of world markets at TIAA Bank, calling bullion’s decline a kneejerk reaction.

Thursday’s move "is just an adjustment of the fact that maybe it had gone up a little fast yesterday, but is still holding nicely above $1,400," he added.

Earlier Thursday, the U.S. Labor Department said consumer prices in June rose 0.1% with core inflation up 0.3% for the biggest monthly increase in nearly one-and-half years.

Gold futures ranged from a low of $1,405.40 to a high of $1,429.40. They tacked on 0.9% on Wednesday, added 50 cents on Tuesday, and lost a dime on Monday. A week ago Wednesday, July 3, gold finished at $1,420.90 an ounce for its highest settlement since May 14, 2013.

Following three days of gains, silver for September delivery lost 8 cents, or 0.5%, to close at $15.146 an ounce. Silver futures traded between $15.12 and $15.35. They climbed 0.5% on Wednesday, rose 0.6% on Tuesday, and gained 0.3% on Monday.

In other precious metals futures prices Thursday:

  • October platinum inched up 90 cents, or 0.1%, to $830.90 an ounce, ranging from $825.70 to $836.20.

  • Palladium for September delivery fell $29, or 1.8%, to $1,559.10 an ounce, trading between $1,550.30 and $1,600.50. On Wednesday, palladium posted a record settlement of $1,588.10 an ounce.

London Precious Metals Prices

In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:

  • Gold added $5.45, or 0.4%, to $1,413.75 an ounce.
  • Silver gained 17 cents, or 1.1%, to $15.265 an ounce.

US Mint 2019 Bullion Sales

United States Mint bullion sales were unchanged for a third day after registering their first increases of the month on Monday.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.

US Mint Bullion Sales (# of coins)
Thursday Last Week This Week / July May June 2019 Sales
$50 American Eagle 1 Oz Gold Coin 0 0 0 3,500 4,500 78,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 1,000 0 0 20,000
$10 American Eagle 1/4 Oz Gold Coin 0 0 2,000 0 0 28,000
$5 American Eagle 1/10 Oz Gold Coin 0 0 5,000 5,000 5,000 150,000
$50 American Buffalo 1 Oz Gold Coin 0 0 0 3,000 3,000 47,500
$1 American Eagle 1 Oz Silver Coin 0 0 165,000 866,000 1,035,000 10,187,000
American Memorial Park 5 Oz Silver Coin 0 0 0 78,000 0 78,000
Lowell 5 Oz Silver Coin* N/A 80,000
$100 American Eagle 1 Oz Platinum Coin* N/A 40,000

 

Leave a Reply

avatar
  
smilegrinwinkmrgreenneutraltwistedarrowshockunamusedcooleviloopsrazzrollcryeeklolmadsadexclamationquestionideahmmbegwhewchucklesillyenvyshutmouth
  Subscribe  
Notify of