Precious metals were pounded lower Thursday as the U.S. dollar firmed. Palladium dived nearly 8%, silver marked a more than three-month low, and gold finished below $1,300 an ounce for the first time since the middle of the month.
Gold for June delivery — the new, most active contract — declined $21.60, or 1.6%, to settle at $1,295.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 14.
The precious metals bulls are fading fast late this week amid a resurgent U.S. dollar index that is pushing toward its recent multi-month high," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a daily note. "Gold and silver bulls have company, as much of the raw commodity sector was punished today by the stronger greenback," Wyckoff added.
Gold futures ranged from a low of $1,293.30 to a high of $1,317.60. They shed 0.4% on Wednesday, fell 0.6% on Tuesday, and advanced 0.8% on Monday — ending at their best level since Feb. 26.
Silver for May delivery tumbled 32.5 cents, or 2.1%, to settle at $14.973 an ounce. The close was the lowest since Dec. 24.
Silver futures traded between $14.95 and $15.32. They fell 0.9% on Wednesday, declined 0.9% on Tuesday, and rose 1% on Monday — marking their best close since Feb. 28.
In other precious metals prices Thursday:
July platinum lost $18.40, or 2.1%, to $843.80 an ounce, ranging from $838.70 to $870.70.
- Palladium for June delivery sank $111.80, or 7.9%, to $1,309.70 an ounce, trading between $1,303.20 and $1,424.80. They dropped 6.2% on Wednesday. The metal is poised for a more than 13.5% loss on the week. Last week Wednesday, March 20, palladium scored a record settlement of $1,560.40 an ounce.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM
- Gold declined $14.55, or 1.1%, to $1,295.15 an ounce.
- Silver dropped 20.5 cents, or 1.3%, to $15.195 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint 2019 Bullion Sales
United States Mint bullion sales were unchanged. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
|US Mint Bullion Sales (# of coins)|
|Thursday||Last Week||This Week||January||February||March||2019 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||1,000||500||27,100||2,400||3,500||33,000|
|$50 American Eagle 1 Oz Gold Coin||0||500||500||44,500||11,000||8,000||63,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||15,000||1,000||1,000||17,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||20,000||0||4,000||24,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||0||90,000||10,000||10,000||110,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,500||0||23,500||6,000||5,500||35,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||0||4,017,500||2,157,500||850,000||7,025,000|
|Lowell 5 Oz Silver Coin||0||0||0||N/A||80,000||80,000|