Most precious metals futures finished lower Thursday. Palladium dropped from an all-time record, silver declined for the first time since Friday, and gold fell from a one-week high.
Gold for August delivery declined $5.80, or 0.4%, to settle at $1,406.70 an ounce on the Comex division of the New York Mercantile Exchange.
"We saw today’s inflation data — the markets started to back off today because it challenges the need for additional rate cuts," Reuters quoted Chris Gaffney, president of world markets at TIAA Bank, calling bullion’s decline a kneejerk reaction.
Thursday’s move "is just an adjustment of the fact that maybe it had gone up a little fast yesterday, but is still holding nicely above $1,400," he added.
Earlier Thursday, the U.S. Labor Department said consumer prices in June rose 0.1% with core inflation up 0.3% for the biggest monthly increase in nearly one-and-half years.
Gold futures ranged from a low of $1,405.40 to a high of $1,429.40. They tacked on 0.9% on Wednesday, added 50 cents on Tuesday, and lost a dime on Monday. A week ago Wednesday, July 3, gold finished at $1,420.90 an ounce for its highest settlement since May 14, 2013.
Following three days of gains, silver for September delivery lost 8 cents, or 0.5%, to close at $15.146 an ounce. Silver futures traded between $15.12 and $15.35. They climbed 0.5% on Wednesday, rose 0.6% on Tuesday, and gained 0.3% on Monday.
In other precious metals futures prices Thursday:
October platinum inched up 90 cents, or 0.1%, to $830.90 an ounce, ranging from $825.70 to $836.20.
- Palladium for September delivery fell $29, or 1.8%, to $1,559.10 an ounce, trading between $1,550.30 and $1,600.50. On Wednesday, palladium posted a record settlement of $1,588.10 an ounce.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold added $5.45, or 0.4%, to $1,413.75 an ounce.
- Silver gained 17 cents, or 1.1%, to $15.265 an ounce.
US Mint 2019 Bullion Sales
United States Mint bullion sales were unchanged for a third day after registering their first increases of the month on Monday.
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||Last Week||This Week / July||May||June||2019 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||0||0||3,500||4,500||78,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||1,000||0||0||20,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||2,000||0||0||28,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||5,000||5,000||5,000||150,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||0||3,000||3,000||47,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||165,000||866,000||1,035,000||10,187,000|
|American Memorial Park 5 Oz Silver Coin||0||0||0||78,000||0||78,000|
|Lowell 5 Oz Silver Coin*||N/A||80,000|
|$100 American Eagle 1 Oz Platinum Coin*||N/A||40,000|