Precious metals declined in tandem for a second session in a row on Thursday, and gold prices retrenched to a near five-week low.
Gold for August delivery settled down $9.70, or 0.8%, to $1,175.20 an ounce on the Comex division of the New York Mercantile Exchange. The loss was the biggest since a week ago Tuesday and the settlement price the lowest since May 1 when gold ended at $1,174.50 an ounce.
"The precious metals bulls were again perplexed that the slumping U.S. dollar index this week has not given a boost to gold and silver prices," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "Even some modest anxiety in the market place due to this week’s U.S. and German bond market routs did not spur any significant demand for safe-haven gold."
Gold prices traded from a low of $1,172.40 to a high of $1,186.60. In the previous session, they declined by $9.50 or 0.8%.
Silver for July delivery shed 38 cents, or 2.3%, to close at $16.10 an ounce. Silver prices ranged from $16.08 to $16.50. They fell on Wednesday by 32 cents or 1.9%.
In other precious metals futures on Thursday:
July platinum lost $4.90, or 0.4%, to $1,099.20 an ounce, trading between $1,094 and $1,109.40.
- Palladium for September delivery fell $2.70, or 0.4%, to $755.30 an ounce, ranging from $753.20 to $761.
London Precious Metals Prices
Earlier fixed London precious metals prices also retreated. In comparing London bullion prices from Wednesday PM to Thursday PM:
- Gold fell $14, or 1.2%, to $1,176 an ounce,
- Silver shed 13 cents, or 0.8%, to $16.47 an ounce,
- Platinum declined $9, or 0.8%, $1,100 an ounce, and
- Palladium lost $5, or 0.7%, to $759 an ounce.
US Mint Bullion Coin Sales in June
United States Mint bullion sales were unchanged Thursday following four-straight business days of gains.
Below is a listing of U.S. Mint bullion products that shows the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Thursday||Last Week||This Week/June||May Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||4,000||4,000||13,500||140,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||1,000||0||3,000||32,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||4,000||0||10,000||58,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||10,000||15,000||40,000||320,000|
|$50 American Buffalo 1 Oz Gold Coins||0||2,500||1,500||9,500||77,000|
|$1 American Eagle 1 Oz Silver Coins||0||375,000||925,000||2,023,500||17,871,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||12,000||42,000|