Gold Drops to 2-Month Low; US Gold Eagles Rise

A close-up of a Proof American Gold Eagle coin
Gold settled at two-month low on Thursday. U.S. Mint American Gold Eagle sales rose slightly.

Precious metals moved mostly lower Thursday as strength in the U.S. dollar dampened demand. Gold closed down for a fourth day in a row and to a two-month low.

In futures trading, gold for April delivery lost $4.70, or 0.4%, to end at $1,196.20 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the weakest since Jan. 2.

"Gold prices ended the U.S. day session modestly lower in a choppy, two-sided trading affair," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A rallying U.S. dollar index that hit an 11.5-year high Thursday remains a significantly bearish ‘outside market’ that is working against both gold and silver."

Gold prices ranged from a low of $1,195.80 to a high of $1,208.90. They have declined $16.90, or 1.4%, since last gaining on Friday.

In other precious metals futures:

  • Silver for May delivery ended flat at $16.16 an ounce, trading between $16.14 and $16.36. Prices fell for four straight sessions through Wednesday.

  • April platinum dipped $1.60, or 0.1%, to $1,180.10 an ounce, ranging from $1,177.90 to $1,192.70.

  • Palladium declined $5.60, or 0.7%, to $825.05 an ounce, trading between $822 and $831.50. Until Wednesday, palladium had climbed for seven straight sessions.

London Fix Precious Metals

Earlier fixed London precious metals advanced, except for silver. In comparing London bullion Fix prices from Wednesday PM to Thursday PM:

  • Gold rose $2.50, or 0.2%, to $1,202 an ounce,
  • Silver dropped 13 cents, or 0.8%, to $16.19 an ounce,
  • Platinum added $8, or 0.7%, to $1,186 an ounce, and
  • Palladium gained $2, or 0.2%, to $828 an ounce.

US Mint Bullion Coin Sales in March

United States Mint gold sales rose Thursday with American Gold Eagles up 1,500 ounces to 6,500 ounces for the week so far. Below are U.S. Mint bullion products with columns listing the number of bullion coins sold during varying time periods.

US Mint Bullion Sales (# of coins)
Thursday Sales Last Week Current Week February Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins 0 3,500 2,500 12,500 66,500
$25 American Eagle 1/2 Oz Gold Coins 1,000 0 3,000 2,000 23,000
$10 American Eagle 1/4 Oz Gold Coins 0 0 2,000 0 38,000
$5 American Eagle 1/10 Oz Gold Coins 10,000 10,000 20,000 50,000 185,000
$50 American Buffalo 1 Oz Gold Coins 0 3,000 1,500 12,000 48,000
$1 American Eagle 1 Oz Silver Coins 0 777,500 587,000 3,022,000 9,139,000
2015 Homestead 5 Oz Silver Coins 0 5,500 0 20,000 20,000


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