Gold rebounded Thursday after plunging in the previous session for its biggest one-day loss in more than five months.
Gold for June delivery bounced up $6.10, or 0.4%, to $1,564.90 an ounce on the Comex in New York. Prices ranged from an intraday low of $1,553.00 to a high of $1,568.10.
Weakness in the U.S. dollar and bargain hunting were cited for gains.
"A weaker dollar is supporting gold," Adam Klopfenstein, a senior market strategist at Archer Financial Services Inc. in Chicago, said in a telephone interview according to Bloomberg. "The Cyprus denial is helpful, and we are definitely seeing some demand as prices have fallen sharply."
News reports Wednesday indicated Cyprus had plans to sell a portion of its gold reserves to contribute toward its bailout. That, apparently, is not the case. Gold prices dropped $27.90, or 1.8%, on Wednesday.
In other New York precious metals futures on Thursday:
Silver for May delivery inched higher by 4.4 cents, or 0.2%, to $27.697 an ounce. The precious metal traded between $27.340 and $27.785.
Platinum closely matched gold’s gains. July platinum climbed $6.00, or 0.4%, to $1,535.80 an ounce, ranging from $1,517.80 to $1,544.00.
- Palladium led increases among precious metals. Palladium for June delivery surged $12.50, or 1.7%, to $733.35 an ounce, trading between $714.05 and $740.00.
Bullion Prices in London
Bullion prices in London were mixed again. In contrasting the Wednesday PM to Thursday PM London fixings:
- Gold declined $10.00, or 0.6%, to $1,565.00 an ounce,
- Silver fell 17.0 cents, or 0.6%, to $27.57 an ounce,
- Platinum lost $1.50, or 0.1%, to $1,531.50 an ounce, and
- Palladium added $10.00, or 1.4%, to $723.00 an ounce
US Bullion Coin Sales in April
Sales of U.S. Mint bullion products advanced with gold coins and silver coins each up 5,500 ounces. Splits by product are in the table below along with April and year-to-date bullion sales totals as reported by the United States Mint.
|American Eagle and Buffalo Bullion Coin Sales|
|Thursday Sales||Last Week||Week-To-Date Sales||April Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||3,000||19,000||22,000||41,000||287,500|
|$25 American Eagle Gold Bullion Coins||0||1,000||3,000||4,000||30,000|
|$10 American Eagle Gold Bullion Coins||0||2,000||2,000||4,000||50,000|
|$5 American Eagle Gold Bullion Coins||0||20,000||5,000||25,000||240,000|
|$50 American Buffalo Gold Bullion Coins||2,500||2,000||4,500||6,500||101,500|
|American Eagle Bullion Silver Coins||5,500||812,000||900,000||1,712,000||15,935,000|
All bullion figures above are in the number of coins sold. Calculate total ounces by using the bullion coin’s weight.
2011-2012 America the Beautiful Five Ounce Bullion Silver Coins sold out on March 1. The U.S. Mint has not released any of this year’s coins.