Gold futures declined on Thursday for a fifth session in row, closing at a more than two-week low on the same day U.K. votes on an exit from the European Union (Brexit).
Gold for August delivery shed $6.90, or 0.5%, to settle at $1,263.10 an ounce on the Comex division of the New York Mercantile Exchange.
"The markets have already priced in an expectation that the referendum will be for Britain to stay in the EU," Reuters quoted Jeffrey Nichols, a New York-based senior economic adviser at Rosland Capital LLC. "If they stay in, that’s going to be a non-event. If they try to exit, we could have a very volatile reaction in financial markets, including gold. We’ll just have to wait and see."
Gold futures ranged from a low of $1,259.90 to a high of $1,274.90. Thursday’s settlement was the lowest since June 8. One week ago, gold closed at a more than 17-month high at $1,298.40 an ounce.
Up for the first time in three days, silver for July delivery added 4.1 cents, or 0.2%, to settle at $17.353 an ounce. Silver futures traded between $17.21 and $17.50.
In other precious metals futures trading:
July platinum dropped $17.20, or 1.8%, to $966.30 an ounce, ranging from $964 to $982.90.
- Palladium for September delivery rose $3.65, or 0.7%, to $565.90 an ounce, trading between $556.10 and $566.60.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold fell $2.70, or 0.2%, to $1,262.15 an ounce.
- Silver rose 9 cents, or 0.5%, to $17.29 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales in 2016
United States Mint bullion sales climbed by 1,000 ounces in American Gold Eagles and 86,000 ounces in American Silver Eagles
The U.S. Mint set its weekly allocation of American Silver Eagle at 2,204,500 coins. Bullion distributors have ordered 20.7% through Thursday. 2016 Silver Eagles are running at a record pace with sales of 25,252,500 coins, marking a 24.9% increase over those sold through same time in record-breaking year 2015.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods of time.
|US Mint Bullion Sales (# of coins)|
|Thursday||Last Week||This Week||Apr Sales||May Sale||June Sales||2016 Sales|
|$50 American Eagle 1 Oz Gold Coins||1,000||14,000||8,500||93,500||64,500||44,500||388,000|
|$25 American Eagle 1/2 Oz Gold Coins||0||1,000||1,000||6,000||7,000||2,000||45,000|
|$10 American Eagle 1/4 Oz Gold Coins||0||2,000||6,000||14,000||10,000||10,000||86,000|
|$5 American Eagle 1/10 Oz Gold Coins||0||15,000||15,000||55,000||60,000||50,000||485,000|
|$50 American Buffalo 1 Oz Gold Coins||0||3,000||2,000||19,500||18,500||11,000||109,000|
|$1 American Eagle 1 Oz Silver Coins||86,000||468,000||457,000||4,072,000||4,498,500||1,839,500||25,252,500|
|2016 Shawnee 5 Oz Silver Coins||0||0||0||0||0||0||105,000|
|2016 Cumberland Gap 5 Oz Silver Coins||0||0||0||64,000||11,000||0||75,000|
|2016 Harpers Ferry 5 Oz Silver Coins||0||1,200||0||64,000||11,000||34,200||34,200|