Gold prices on Thursday advanced the most in five weeks and settled above $1,200 an ounce for the first time in nearly a month.
Gold for August delivery tacked on $25.20, or 2.1%, to end at $1,202 an ounce on the Comex division of the New York Mercantile Exchange. The settlement price was the highest since May 22 and the daily gain the biggest since May 13.
"The Fed statement has already given gold a boost, and today’s subdued inflation number shows that the Fed will be in no hurry to get hawkish," Miguel Perez-Santalla, a sales and marketing manager at Heraeus Metals New York LLC, said in a telephone interview according to Bloomberg News. "We could also see technical buying above $1,200."
Gold prices traded between $1,183.10 and $1,203.70. They slipped in the prior session by $4.10 or 0.4%.
Silver for July delivery settled up 21 cents, or 1.3%, to $16.15 an ounce. Silver prices ranged from $16.02 to $16.43. On Wednesday, they dipped by 2 cents or 0.1%.
In other precious futures on Thursday:
July platinum gained $10.10, or 0.9%, to $1,082.80 an ounce, trading between $1,078.60 and $1,096.30.
- Palladium for September delivery lost $1.70, or 0.2%, to $718.65 an ounce, ranging from $716.55 to $727.
London Precious Metals Prices
Earlier fixed London precious metals prices moved in the same directions as New York bullion futures. In comparing London bullion prices from Wednesday PM to Thursday PM:
- Gold gained $23.85, or 2%, to $1,201.85 an ounce,
- Silver added 26 cents, or 1.6%, to $16.24 an ounce,
- Platinum rose $15, or 1.4%, $1,088 an ounce, and
- Palladium fell $7, or 1%, to $724 an ounce.
US Mint Bullion Coin Sales in June
United States Mint bullion sales were unchanged Thursday for a second day after exceptionally strong gains on Monday and Tuesday. 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 Sales||Last Week||This Week||May Sales||June Sales||YTD Sales|
|$50 American Eagle 1 Oz Gold Coins||0||9,500||13,500||13,500||33,500||169,500|
|$25 American Eagle 1/2 Oz Gold Coins||0||0||1,000||3,000||1,000||33,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||2,000||4,000||10,000||6,000||64,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||20,000||15,000||40,000||50,000||355,000|
|$50 American Buffalo 1 Oz Gold Coins||0||3,000||5,000||9,500||11,000||86,500|
|$1 American Eagle 1 Oz Silver Coins||0||650,000||825,000||2,023,500||2,450,000||19,396,000|
|2015 Homestead 5 Oz Silver Coins*||–||35,000|
|2015 Kisatchie 5 Oz Silver Coins*||–||12,000||–||42,000|