Precious metals futures sank Thursday, registering losses ranging from 1.5% for platinum to 2.5% for silver. Gold’s loss was its first in five sessions, with prices closing at a one-month low after hitting a more than two-week high on Wednesday.
Gold for June delivery dropped $20.60, or 1.6%, to settle at $1,293.30 an ounce on the Comex division of the New York Mercantile Exchange. The close was the lowest since March 11.
"A combination of elements this week is adding up to notions of slackening demand for the precious metals markets in the coming weeks and months," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. "A rebound in the U.S. dollar index and chart-based sellers entering the futures markets also worked against the metals markets bulls today."
Gold futures ranged from a low of $1,292.90 to a high of $1,313.10. They rose 0.4% on Wednesday — ending at their highest point since March 26, and they climbed 0.5% on Tuesday and on Wednesday.
Silver for May delivery tumbled 37.7 cents to end at $14.867 an ounce. Silver futures traded between $14.845 and $15.215. They rose 0.2% on Wednesday, dipped a half cent on Tuesday, and rose 0.9% on Monday.
In other precious metals futures on Thursday:
July platinum lost $13.60 to $895.30 an ounce, ranging from $893.30 to $914.90.
- Palladium for June delivery declined $30.60, or 2.2%, to $1,332.60 an ounce, trading between $1,324.30 and $1,373.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM
- Gold declined $6.65, or 0.5%, to $1,298.80 an ounce.
- Silver fell 8.5 cents, or 0.6%, to $15.16 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||February||March||April||2019 Sales|
|$100 American Eagle 1 Oz Platinum Coin||0||1,100||0||2,400||4,000||1,100||34,600|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||500||11,000||8,500||2,500||66,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||1,000||1,000||0||17,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||0||4,000||2,000||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||5,000||5,000||10,000||15,000||10,000||125,000|
|$50 American Buffalo 1 Oz Gold Coin||0||3,000||500||6,000||5,500||3,500||38,500|
|$1 American Eagle 1 Oz Silver Coin||0||550,000||0||2,157,500||850,000||550,000||7,575,000|
|Lowell 5 Oz Silver Coin||0||0||0||N/A||80,000||0||80,000|