Most precious metals declined Thursday, led by a 2.3% drop in palladium. Silver was the single winner on the day, rising 1.3%.
Gold for August delivery shed $4.50, or 0.3%, to settle at $1,770.60 an ounce on the Comex division of the New York Mercantile Exchange.
"Falls in the gold price are still being viewed by investors as buying opportunities," Commerzbank said in a note, adding, "We therefore regard the latest weakness in the gold price as temporary and envisage new highs in the near future."
Gold futures ranged from a low of $1,764.10 to a high of $1,779.60. They lost 0.4% on Wednesday, they tacked on 0.9% on Tuesday — hitting their highest settlement since Oct. 4, 2012, and they gained 0.8% on Monday.
Silver for July delivery tacked on 22.5 cents to end at $17.895 an ounce. Silver futures traded between $17.50 and $17.92. They dropped 2.2% on Wednesday, they rose 0.9% on Tuesday, for their best close since June 1, and they gained 0.3% on Monday.
In other precious metal prices Thursday:
July platinum dipped $1.90, or 0.2%, to $802.70 an ounce, ranging from $790.50 to $807.10.
- Palladium for September delivery fell $43.40 to $1,845.10 an ounce, trading between $1,830.20 and $1,894.90.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold declined $9.50, or 0.5%, to $1,756.55 an ounce.
- Silver fell 32.5 cents, or 1.8%, to $17.53 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales were unchanged Thursday. 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||April||May||June||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||10,500||2,000||105,000||5,500||40,500||325,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||0||6,000||2,000||41,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||2,000||0||0||12,000||2,000||54,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||0||0||0||175,000|
|$50 American Buffalo 1 Oz Gold Coin||0||500||0||28,500||2,500||4,500||123,000|
|$1 American Eagle 1 Oz Silver Coin||0||457,000||0||750,000||490,000||907,000||12,125,500|
|$1 American Eagle 1 Oz Platinum Coin||0||0||0||1,500||0||0||56,500|
In terms of 5-ounce silver bullion sales for 2020, the U.S. Mint is working on getting them automated and reported. Initial U.S. Mint-provided figures have the first two 2020-dated pieces at 45,000 produced and sold per issue. These amounts are being verified.