Gold prices retreated Thursday as the U.S. dollar moved solidly higher.
Gold for June delivery dipped $5.10, or 0.4%, to $1,468.60 an ounce on the Comex in New York. Prices traded from an intraday low of $1,458.80 to a high of $1,476.00. Gold gained $24.90, or 1.7%, in the previous session.
"The sentiment in the market is very mixed," MarketWatch quoted Frederic Panizzutti, senior vice president at MKS Group. "Analysts are now dividend in two camps: those who have announced the end of the bull cycle and those who see the recent down move as a correction rather than a trend change."
Slipping in three of the last four sessions, silver for July delivery shed 1.6 cents, or less than 0.1%, to close at $23.911 an ounce. Silver ranged from $23.695 to $24.170. The precious metal on Wednesday moved up 12.1 cents, or 0.5%.
PGM futures advanced for a second straight session:
July platinum settled up $11.60, or 0.8%, to $1,516.50 an ounce, trading between $1,498.70 and $1,519.00.
- Palladium for June delivery soared $16.50, or 2.4%, to $714.75 an ounce, ranging from $691.00 to $716.90.
London Fix Precious Metals
London precious metals fixings were mixed. In contrasting the Wednesday PM to Thursday PM London fixings:
- Gold declined $2.50, or 0.2%, to $1,465.50 an ounce,
- Silver gained 21.0 cents, or 0.9%, to $24.07 an ounce,
- Platinum added $12.00, or 0.8%, to $1,506.00 an ounce, and
- Palladium advanced $5.00, or 0.7%, to $695.00 an ounce
US Bullion Coin Sales in May
Sales levels for United States Mint bullion products were unchanged Thursday. The following are daily, May and year-to-date bullion coin totals as published by the United States Mint.
|American Eagle and Buffalo Bullion Coin Sales|
|Thursday Sales||Last Week||Week-To-Date||May Sales||YTD Sales|
|$50 American Eagle Gold Bullion Coins||0||38,000||5,000||15,000||449,000|
|$25 American Eagle Gold Bullion Coins||0||3,000||0||0||40,000|
|$10 American Eagle Gold Bullion Coins||0||4,000||0||0||72,000|
|$5 American Eagle Gold Bullion Coins*||0||5,000||0||0||300,000|
|$50 American Buffalo Gold Bullion Coins||0||14,500||1,000||2,500||134,500|
|American Silver Eagle Bullion Coins||0||845,000||900,000||900,000||19,210,000|
*The U.S. Mint has temporarily suspended sales of its smallest American Gold Eagle until inventories are replenished. The Mint ran out of them on April 22.