Gold prices closed to a new 8-month low on Thursday, marking a second day of declines and deeper losses that began following the Fed’s policy statement release on Wednesday which raised expectations of quicker rake hikes in 2015.
Gold for December delivery fell $9, or 0.7%, to finish at $1,226.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the lowest since gold ended at $1,225.50 an ounce on Jan. 8.
"The shift higher in the anticipated Fed funds rate for the end of 2015 and 2016 could further weigh on gold prices longer term and act as a headwind to future rallies," HSBC analysts said in a note reported by Reuters. "If the dollar remains firm, gold should stay on the defensive."
Gold prices ranged from a low of $1,216.30 to a high of $1,228.70. Gold settled down 80 cents on Wednesday after having gained modestly on Monday and Tuesday.
Closing lower for the first time in five sessions, silver for December delivery fell 22 cents, or 1.2%, to $18.52 an ounce. The precious metal traded between $18.27 and $18.62.
In PGM futures on Thursday:
-
October platinum lost $12.70, or 0.9%, to $1,349.50 an ounce, ranging from $1,340 to $1,352.50.
- Palladium for December delivery shed $7.40, or 0.9%, to $831.65 an ounce, trading between $820.20 and $834.10.
London Fix Precious Metals
Earlier fixed London precious metals pulled back as well. In contrasting London bullion Fix prices and the LBMA Silver Price from Wednesday PM to Thursday PM:
- Gold fell $15.50, or 1.3%, to $1,220.50 an ounce,
- Silver lost 13 cents, or 0.7%, to $18.50,
- Platinum declined $21, or 1.5%, to $1,344 an ounce, and
- Palladium retreated $20, or 2.4%, to $822 an ounce
US Mint Bullion Coin Sales
United States Mint sales of one ounce American Gold Eagles advanced by 1,500 on Thursday. Sales of the coin also rose in the late afternoon on Wednesday by 2,500, as did the one-tenth ounce size by 5,000.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold on Thursday, last week, this week so far, last month, this month so far, and the year to date.
| American Eagle and Buffalo Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Thursday Sales | Last Week | Current Week | August Sales | September Sales | YTD Sales | |
| $100 American Platinum Eagle Bullion Coins | 0 | 100 | 200 | 700 | 400 | 14,000 |
| $50 American Eagle Bullion Gold Coins | 1,500 | 5,500 | 13,500 | 21,000 | 32,500 | 278,000 |
| $25 American Eagle Bullion Gold Coins | 0 | 1,000 | 0 | 0 | 5,000 | 32,000 |
| $10 American Eagle Bullion Gold Coins | 0 | 0 | 2,000 | 6,000 | 4,000 | 88,000 |
| $5 American Eagle Bullion Gold Coins | 0 | 0 | 5,000 | 25,000 | 15,000 | 425,000 |
| $50 American Buffalo Bullion Gold Coins | 0 | 1,000 | 3,500 | 8,000 | 7,500 | 132,500 |
| $1 American Eagle Silver Bullion Coins | 0 | 470,000 | 850,000 | 2,007,500 | 1,660,000 | 29,771,000 |
| Great Smoky Mountains National Park 5 Oz Silver Bullion Coins | 0 | 500 | 1,500 | 0 | 2,000 | 31,500 |
| Shenandoah National Park 5 Oz Silver Bullion Coins | 0 | 500 | 0 | 500 | 500 | 21,000 |
| Arches National Park 5 Oz Silver Bullion Coins | 0 | 0 | 500 | 1,200 | 500 | 21,700 |
| Great Sand Dunes 5 Oz Silver Bullion Coins | 0 | 2,500 | 500 | 7,500 | 3,000 | 10,500 |
To see how inflation has changed the buying power of the U.S. dollar over time, use this site’s Inflation Calculator.
