Precious metals futures declined Thursday, with the exception of palladium. Losses in gold, silver and platinum were their second in a row following two days of gains.
Gold for December delivery settled down $23.80, or 1.2%, to $1,946.50 an ounce on the Comex division of the New York Mercantile Exchange.
"The rebound in the US dollar has also sparked a fresh bout of weakness in gold prices which sold off sharply and are now testing support at the $1,920 an ounce, and the renewed uncertainty over the pace of further monetary stimulus from the Federal Reserve," MarketWatch quoted Michael Hewson, chief market analyst at CMC Markets UK.
Gold futures ranged from a low of $1,928.90 to a high of $1,962.60. They dropped 2.1% on Wednesday, they gained 0.7% on Tuesday, and they bounced 2.5% on Monday. A week ago Thursday, Aug. 6, gold posted a record settlement of $2,069.40 an ounce.
Silver for September delivery declined 19.3 cents, or 0.7%, to close at $27.147 an ounce. Silver futures traded between $26.65 and $27.49. They fell 2.6% on Wednesday, they moved ahead 1.5% on Tuesday, and they surged 6.1% on Monday. A week ago Monday, Aug. 10, silver closed at $29.261 an ounce for its best settlement since Feb. 19, 2013.
In other precious metals futures prices on Thursday:
October platinum lost $29.40, or 3.1%, to $926.90 an ounce, ranging from $916.60 to $956.
- Palladium for September delivery gained $7.80, or 0.4%, to $2,186.90 an ounce, trading between $2,150.30 and $2,205.10.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold declined $53.85, or 2.7%, to $1,927.15 an ounce.
- Silver fell 52.5 cents, or 1.9%, to $26.915 an ounce.
US Mint Bullion Sales in 2020
U.S. Mint bullion sales increased Thursday by a combined 2,500 ounces in American Gold 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||Last Week||This Week||June||July||August||2020 Sales|
|$50 American Eagle 1 Oz Gold Coin||1,000||41,000||16,500||42,500||107,500||86,000||521,000|
|$25 American Eagle 1/2 Oz Gold Coin||1,000||0||6,000||2,000||4,000||6,000||51,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||12,000||2,000||10,000||12,000||76,000|
|$5 American Eagle 1/10 Oz Gold Coin||10,000||0||30,000||0||35,000||30,000||240,000|
|$50 American Buffalo 1 Oz Gold Coin||0||12,000||4,000||7,500||30,000||22,500||178,500|
|$1 American Eagle 1 Oz Silver Coin||0||675,000||1,000,000||1,398,000||1,084,500||2,593,000||16,294,000|
|America Samoa 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Weir Farm 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Salt River Bay 5 oz Silver Coin*||0||0||0||0||0||0||45,000|
|Marsh Billings 5 oz Silver Coin*||0||0||0||0||45,000||0||45,000|
|$1 American Eagle 1 Oz Platinum Coin*||0||0||0||0||0||0||56,500|