Gold Prices Rally, Silver Gains for Second Day

1000 g fine gold
Gold and silver advanced as platinum and palladium declined. US Mint bullion coin sales were flat.

Gold prices surged 1.8% Thursday to close at their highest level in a week, one day after falling for the ninth time in ten sessions.

Gold prices for June delivery jumped $24.40 to finish at $1,391.80 an ounce on the Comex in New York. The settlement price was the highest since May 15. Gold traded from an intraday low of $1,355.00 to a high of $1,397.10. Gold prices dropped 0.7% in the previous session.

Long absent, a pick-up in safe-haven demand was attributed to gains. A weaker U.S. dollar was also cited.

"Nervous investors are turning to gold as everything else looks very bleak today," Carlos Perez-Santalla, a broker at Marex North America LLC, said in a telephone interview according to Bloomberg. "The weakness in the dollar is supportive for gold."

Tracking gold on Thursday and rising for a second day, silver for July delivery added 3.6 cents, or 0.2%, to $22.508 an ounce. Silver prices ranged from $21.92 to $22.62. The precious metal climbed 1.7 cents on Wednesday.

PGM futures moved opposite of silver and gold. In their daily breakdowns:

  • July platinum settled at $1,457.20 an ounce, falling $12.00, or 0.8%. Prices ranged from $1,449.50 to $1,471.90. Platinum gained 0.7%, in the prior session.

  • Snapping a two-session winning streak, palladium for June delivery declined $13.50, or 1.8%, to $738.65 an ounce. Prices traded between $734.00 and $748.70. Palladium added 0.5% on Tuesday.

London Fix Precious Metals

London Fix precious metals declined across the board Thursday after rising as a group during the previous two days. In contrasting the Wednesday PM to Thursday PM London fixings:

  • Gold prices fell $28.00, or 2.0%, to $1,380.50 an ounce,
  • Silver shed 15.0 cents, or 0.7%, to $22.47 an ounce,
  • Platinum lost $19.00, or 1.3%, to $1,455.00 an ounce, and
  • Palladium declined $11.00, or 1.5%, to $739.00 an ounce

US Bullion Coin Sales in May

Sales levels were unchanged Thursday for United States Mint bullion coins. The following are the latest 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 28,000 7,000 50,000 484,000
$25 American Eagle Gold Bullion Coins 0 2,000 0 2,000 42,000
$10 American Eagle Gold Bullion Coins 0 4,000 0 4,000 76,000
$5 American Eagle Gold Bullion Coins* 0 0 0 0 300,000
$50 American Buffalo Gold Bullion Coins 0 6,500 2,000 11,000 143,000
White Mountain 5 oz. Silver Bullion Coins 0 12,700 10,600 23,300 23,300
American Eagle Silver Coins 0 833,500 866,500 2,600,000 20,910,000


*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.

Notify of

Inline Feedbacks
View all comments