Breaking a three-day winning streak, gold edged 0.6 percent lower Thursday as investors took profits and a mix of caution set in following the previous day’s rally.
"We’re in no-man’s land," MarketWatch quoted Matt Zeman, head trader and strategist at Kingsview Financial in Chicago. "People are still digesting the rally" on Wednesday and weighing how gold will be impacted by the central banks’s action, he added.
After jumping $31.40 Wednesday, gold prices on Thursday retreated $10.50 to $1,739.80 an ounce in the February futures contract on the Comex in New York. Gold moved from an intraday low of $1,737.20 to a high of $1,758.00.
"The gold market is making higher lows and higher highs. That’s definitely a firm technical trend to the up side," Reuters quoted Zachary Oxman, managing director of futures broker TrendMax.
Silver prices for March delivery dipped 4.5 cents, or 0.1 percent, to close at $32.759 an ounce. The white metal touched a low of $32.530 and reached a high at $33.495. Silver jumped 85.4 cents during the previous day.
Platinum prices for January delivery ended down $3.60, or 0.2 percent, to $1,557.20 an ounce, ranging from $1,548.40 to $1,574.90.
Palladium bucked the precious metals trend. Palladium prices for March delivery rallied $17.60, or 2.9 percent, to $630.20 an ounce, trading between $607.95 and $649.90.
London Precious Metals
Speaking of trends, London precious metals broke their trend of mixed results and moved higher as a group. When comparing fixings on Thursday (PM) from those on Friday (PM), London gold advanced $6.00 to $1,752.00 an ounce, silver surged $1.93 to $33.28 an ounce, platinum added $3.00 to $1,561.00 an ounce and palladium gained $13.00 to $633.00 an ounce.
U.S. Mint Bullion Coin Weekly Sales
No bullion coin gains on the day were reported by the U.S. Mint as of 3:55 PM ET. The most recent daily, monthly, and year-to-date U.S. Mint bullion coin sales follow:
|Sales of U.S. Mint American Eagle and Buffalo Bullion Coins|
|Daily Gains||December Gains||YTD 2011|
|American Gold Eagle Coin (1 oz.)||0||0||844,500|
|American Gold Eagle Coin (1/2 oz.)||0||0||65,000|
|American Gold Eagle Coin (1/4 oz.)||0||0||82,000|
|American Gold Eagle Coin (1/10 oz.)||0||0||370,000|
|American Gold Buffalo Coin (1 oz.)||0||0||153,500|
|American Silver Eagle (1 oz.)||0||0||37,859,500|
|Sales of America the Beautiful 5 Oz. Silver Bullion Coins*|
|Weekly Gains||YTD 2011|
|Gettysburg National Military Park 5 oz. Silver Coin||n/a – sold out||126,700|
|Glacier National Park 5 oz. Silver Coin||n/a – sold out||126,700|
|Olympic National Park 5 oz. Silver Coin||0||83,300|
|Vicksburg National Military Park 5 oz. Silver Coin||0||32,200|
|Chickasaw Park 5 oz. Silver Coin||0||24,400|
*The United States Mint does not provide daily sales figures for its 5-ounce silver coins. The sales are current as of Monday, November 28, 2011.