Gold Falls to Lowest Price Since October 2009

250 g Fine Gold Bar
Gold futures ended at their lowest price since October 2009

Precious metals tumbled on Thursday as the U.S. dollar rallied. Gold futures ended at their lowest price in just over 6 years while silver neared a more than 6.3-year low.

Gold for February delivery declined $27.20, or 2.5%, to close at $1,049.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Oct. 30, 2009 when the yellow metal ended at $1,040.40 an ounce.

"Gold and silver prices ended the U.S. day session sharply lower Thursday. A very strong rally in the U.S. dollar index on this day put sharp downside price pressure on the precious metals markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. " The other key ‘outside market’ was also in a bearish posture for the metals today, as crude oil prices were lower and are back down near their recent contract and multi-year lows."

Gold prices ranged from a low of $1,046.80 to a high of $1,072.70. On Wednesday, they tacked on $15.20 or 1.4%.

Silver for March delivery fell 54.5 cents, or 3.8%, to settle at $13.703 an ounce. The price is a half penny above Monday’s close when silver ended at its lowest level since July 30, 2009. Silver prices traded from $13.67 to $14.23. They rallied in the previous session by 47.8 cents or 3.5%.

In other precious metals dealings, platinum declined for the first time in five sessions and palladium fell for the first time in four sessions. In their daily closings:

  • January platinum lost $31.30, or 3.6%, to $844.70 an ounce, ranging from $842.40 to $883.90.

  • Palladium for March delivery gave back $14.50, or 2.5%, to $557.45 an ounce, trading between $551.25 and $572.

London Precious Metals Prices

Earlier fixed London gold and silver prices were mixed. In comparing their levels from Wednesday PM to Thursday PM:

  • Gold declined $25.85, or 2.4%, to $1,049.40 an ounce.
  • Silver gained 34 cents, or 2.5%, to $14.08 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Coin Sales

United States Mint bullion sales were unchanged for a second day in a row. Expect only small movements through the next few weeks with all the agency’s silver coins and most of its gold coins sold out. New 2016-dated editions do not launch until Jan. 11.

Below is a listing of U.S. Mint bullion products with 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 Nov Sales Dec Sales YTD Sales
$50 American Eagle 1 Oz Gold Coins* N/A N/A N/A 80,500 N/A 626,500
$25 American Eagle 1/2 Oz Gold Coins 0 1,000 0 7,000 1,000 75,000
$10 American Eagle 1/4 Oz Gold Coins* N/A N/A N/A 12,000 N/A 158,000
$5 American Eagle 1/10 Oz Gold Coins* N/A N/A N/A 100,000 N/A 980,000
$50 American Buffalo 1 Oz Gold Coins 0 500 1,000 38,000 1,500 220,500
$1 American Eagle 1 Oz Silver Coins* N/A 1,020,000 1,130,000 4,824,000 2,333,500 47,000,000
2015 Homestead 5 Oz Silver Coins* N/A 35,000
2015 Kisatchie 5 Oz Silver Coins* 42,000
2015 Blue Ridge Parkway 5 Oz Silver Coins* 45,000
2015 Bombay Hook 5 Oz Silver Coins* 45,000
2015 Saratoga 5 Oz Silver Coins* N/A 35,800 9,200 45,000
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