Gold and Silver Dip for Second Day

.9999 Fine Gold and $100s
Gold, silver and other precious metals declined

Gold futures dipped for a second session Thursday, pressured by a stronger U.S. dollar and weakened safe-haven demand.

Gold for December delivery shed $5.90, or 0.4%, to finish at $1,412.90 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices traded from an intraday low of $1,402.10 to $1,418.60.

The greenback gained on news that the GDP in the second quarter grew at a revised 2.5% annual rate, up from the 1.7% estimate previously reported.

"The GDP numbers are very big, and put the story of tapering in September back in the forefront," Chris Gaffney, the senior market Strategist at EverBank Wealth Management, said in a telephone interview according to Bloomberg News. "The drumming of the Syria war has receded today, taking some premium away."

Gold slipped in the previous session by $1.40, or less than 0.1%. The precious metal is on track for bullish week, up 1.2%, and a soaring August, up 7.6%.

Silver futures for December delivery — now the new most-active contract — lost 29.9 cents, or 1.2%, to close at $24.14 an ounce. Prices ranged from $23.70 to $24.49. The loss marks the second in a row, though silver prices are still 1.7% higher than last Friday and have jumped 23% in August.

PGMs were lower Thursday as well. In their daily breakdowns:

  • October platinum declined $17.70, or 1.2%, to $1,522.40 an ounce, trading between $1,518.80 and $1,541.40. Platinum was the lone precious metal higher in the prior session, gaining $8 or 0.5%.

  • Palladium for December delivery dropped $8.15, or 1.1%, to $740.10 an ounce, ranging from $738.10 to $747.80. Palladium has fallen four times in the last five sessions.

London Fix Precious Metals

Like bullion futures in New York, London precious metal fixings were lower across the board. In contrasting the Wednesday PM to Thursday PM London Fix prices:

  • Gold fell $11.75, or 0.8%, to $1,407.75 an ounce,
  • Silver tumbled 63 cents, or 2.5%, to $24.11 an ounce,
  • Platinum dipped $1, or less than 0.1%, to $1,527 an ounce, and
  • Palladium declined $3, or 0.4%, to $741 an ounce

U.S. Mint Bullion Sales

Sales totals for United States Mint bullion coins were unchanged for a second day Thursday. U.S. Mint bullion sales on the day, the week, the month and year-to-date follow.

American Eagle and Buffalo Bullion Sales
  Thursday Sales Last Week Week-To-Date Sales August Sales YTD Sales
$50 American Eagle Gold Bullion Coins 0 3,500 3,500 8,500 596,000
$25 American Eagle Gold Bullion Coins 0 0 0 1,000 48,000
$10 American Eagle Gold Bullion Coins 0 4,000 2,000 6,000 100,000
$5 American Eagle Gold Bullion Coins 0 0 0 5,000 455,000
$50 American Buffalo Gold Bullion Coins 0 4,000 1,000 9,500 189,500
White Mountain 5 oz. Silver Bullion Coins 0 100 1,100 1,200 31,100
Perry’s Victory 5 oz. Silver Bullion Coins 0 1,300 1,100 2,700 23,500
Great Basin 5 oz. Silver Bullion Coins 0 1,700 2,800 4,500 21,900
Fort McHenry 5 oz. Silver Bullion Coins 0 N/A 10,200 10,200 10,200
American Silver Eagle Bullion Coins 0 850,000 1,179,000 3,625,000 33,075,000


Figures above are in the number of coins sold, not in ounces.

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