Precious metals futures declined Thursday. Gold’s loss was its first in six sessions, with prices sliding from a more than four-month high.
Gold for February delivery dropped $12, or 0.9%, to settle at $1,327.20 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold is due a correction after its $100 rally" since the Federal Reserve lifted a key U.S. interest rate in mid-December, MarketWatch quoted Mark O’Byrne, research director at GoldCore. "A near 8% gain in a month is quite a move up in a short period of time and ordinarily one would expect a correction."
Gold futures traded between $1,324.30 and $1,333.30. They climbed 0.2% on Wednesday — ending at their strongest price since Sept. 8, and also rose 0.2% in their start to the trading week on Tuesday.
Silver for March delivery declined 21.2 cents, or 1.2%, to settle at $16.954 an ounce. Silver futures ranged from $16.91 to $17.14. They dipped 0.1% on Wednesday and ended 0.3% higher on Tuesday.
In other precious metals futures prices:
April platinum declined $3.70, or 0.4%, to $1,007.20 an ounce, trading between $1,001 and $1,012.30.
- Palladium for March delivery lost $16.40, or 1.5%, to $1,093.30 an ounce, ranging from $1,091.35 to $1,111.70. They closed at an all-time high on Wednesday.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold declined $3.45, or 0.3%, to $1,332.20 an ounce.
- Silver fell 12 cents, or 0.7%, to $17.09 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight
US Mint Bullion Sales in 2018
United States Mint bullion sales were unchanged Thursday. Below is a sales breakdown of U.S. bullion products with columns listing the number of coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Thursday||Last Week||This Week||December||2017 Sales||2018 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||27,000||2,500||38,000||228,500||29,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||12,000||2,000||3,000||37,000||14,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||24,000||0||4,000||64,000||24,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||60,000||5,000||25,000||395,000||65,000|
|$50 American Buffalo 1 Oz Gold Coin||0||18,500||2,000||14,000||99,500||20,500|
|$1 American Eagle 1 Oz Silver Coin||0||2,520,000||250,000||742,000||18,065,500||2,770,000|