Precious metals futures registered losses Thursday that ranged from less than 0.1% for palladium to 2.6% for platinum. Gold ended at a more than four-month low.
Gold for June delivery settled down $12.20, or 1%, to $1,272 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the weakest for a most active contract since the close at $1,271.80 an ounce on Dec. 24.
Gold saw pressure, opined analysts, following Wednesday’s release of the Fed’s latest monetary policy statement.
"A lot of people were positioned for the FOMC statement to be little bit more dovish than it actually was," Reuters quoted Fawad Razaqzada, market analyst with Forex.com.
"We have seen an implied odds of a 2019 rate cut fall from 75 percent to 50 percent so people are revising their rate cut expectations as the Fed was not as dovish as people expected."
Gold futures ranged from a low of $1,267.30 to a high of $1,279.40.
Silver for July delivery declined 11.2 cents, or 0.8%, to settle at $14.617 an ounce. Silver futures traded between $14.57 and $14.74.
In other precious metals futures prices Thursday:
July platinum fell $23.20 to $854.20 an ounce, ranging from $852.50 to $873.20.
- Palladium for June delivery shed $1.20 to $1,343.20 an ounce, trading between $1,325 and $1,356.30.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM
- Gold fell $12.85, or 1%, to $1,270.95 an ounce.
- Silver declined 20.5 cent, or 1.4%, to $14.675 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 rose by 68,000 ounces in American Silver Eagles.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Thursday / May||Last Week||This Week||March||April||2019 Sales|
|$100 American Eagle 1 Oz Platinum Coin*||0||1,800||2,600||4,000||6,500||40,000|
|$50 American Eagle 1 Oz Gold Coin||0||2,500||1,000||8,500||6,500||70,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||1,000||1,000||19,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||4,000||2,000||26,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||15,000||10,000||145,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||1,500||5,500||6,500||41,500|
|$1 American Eagle 1 Oz Silver Coin||68,000||0||714,000||850,000||1,196,000||8,189,000|
|Lowell 5 Oz Silver Coin*||0||0||0||80,000||0||80,000|