Gold prices have traded traditionally this week, falling when the U.S. dollar gains and advancing when it weakens. The greenback picked up ground on Thursday after the ECB’s surprise rate cut, and gold lost all but 40 cents of its prior day gain.
Gold for December delivery declined $9.30, or 0.7%, to finish at $1,308.50 an ounce on the Comex division of the New York Mercantile Exchange. Prices traded from $1,296 to $1,326.
"Precious metals, like all the other markets, came to life when the ECB surprised everyone with a 25 basis-point interest-rate cut," MarketWatch quoted Fawad Razaqzada, technical analyst at GFT Markets.
"News of a surprisingly good U.S. third-quarter GDP weighed further on the metals as that gave investor even more reason to pile into the U.S. dollar … and out of safe-haven metals."
The European Central Bank sliced interest rates to a record low, easing its main refinancing rate to 0.25% from 0.5%. Also on Thursday, the Commerce Department said the U.S. gross domestic product climbed at an annual rate of 2.8% in the third quarter, much better than the expected 2% increase and the 2.5% growth rate in the second quarter.
Dropping for the fifth time in six sessions, silver for December delivery shed 11 cents, or 0.5%, to settle at $21.66 an ounce. Prices ranged from $21.38 to $22.02.
In PGM’s on Thursday:
January platinum fell $10.60, or 0.7%, to $1,456.80 an ounce, trading between $1,453.50 and $1,473.60.
- Falling for the first time in five sessions, palladium for December delivery lost $5.20, or 0.7%, to $759.15 an ounce. Prices ranged from $753.05 to $765.
London Fix Precious Metals
London precious metal fixings declined as well. In contrasting Wednesday PM to Thursday PM London fix prices:
- Gold dropped $11.75, or 0.9%, to $1,307.25 an ounce,
- Silver slipped 19 cents, or 0.9%, to $21.75 an ounce,
- Platinum fell $12, or 0.8%, to $1,453 an ounce, and
- Palladium shed $2.50, or 0.3%, to $755.50 an ounce
US Mint Bullion Sales in November
On Thursday, United States Mint bullion sales advanced for gold coins but were muted for silver coins. The only gold coin not to increase was the one-half ounce, or $25 denominated, American Gold Eagle.
Bullion sales by day, for November, and the year-to-date are listed below.
|American Eagle and Buffalo Bullion Sales (# of coins)|
|Thursday Sales||Last Week||Week-To-Date Sales||November Sales||YTD Sales|
|$50 American Gold Eagle Bullion Coins||2,000||10,500||7,500||10,500||656,500|
|$25 American Gold Eagle Bullion Coins||0||0||0||0||56,000|
|$10 American Gold Eagle Bullion Coins||4,000||0||4,000||4,000||118,000|
|$5 American Gold Eagle Bullion Coins||5,000||5,000||5,000||5,000||505,000|
|$50 American Buffalo Gold Bullion Coins||500||3,000||1,000||1,000||219,000|
|White Mountain 5 oz. Silver Bullion Coins||Sold Out||35,000|
|Perry’s Victory 5 oz. Silver Bullion Coins||0||0||0||0||26,200|
|Great Basin 5 oz. Silver Bullion Coins||0||0||0||0||27,200|
|Fort McHenry 5 oz. Silver Bullion Coins||0||600||1,000||1,000||29,200|
|Mount Rushmore 5 oz. Silver Bullion Coins||0||0||6,000||6,000||6,000|
|American Silver Eagle Bullion Coins||0||701,000||500,000||500,000||39,675,000|