Precious metals declined as a group for a second straight session Thursday. Gold’s loss was its seventh in eight sessions. The metal ended the day at a nine-month low.
Gold for April delivery fell $15.10, or 0.9%, to settle at $1,700.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold finished at $1,683 an ounce on June 5.
"The metals markets turned south around midday during a speech by Fed Chairman Jerome Powell at a jobs summit. Powell said in his speech he does not see inflation becoming long-term problematic but it may see a short-term spike as the U.S. economy recovers from the pandemic later this year. Powell added that the recent rise in government bond yields is notable but also probably not a longer-term phenomenon," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures ranged from a low of $1,703.50 to a high of $1,721.60. They gave back 1% on Wednesday, they added 0.6% on Tuesday, and they declined 0.3% on Monday.
Silver for May delivery tumbled 92.6 cents, or 3.5% to settle at $25.461 an ounce. The close was silver’s lowest since it ended at $25.389 an ounce on Jan. 27.
Silver futures traded between $25.08 and $26.39. They lost 1.8% on Wednesday, they climbed 0.8% on Tuesday, and they gained 0.9% on Monday.
In other precious metals prices on Thursday:
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April platinum fell $46.50, or 3.9%, to $1,135.30 an ounce, ranging from $1,120 to $1,183.30.
- Palladium for June delivery declined $11.60, or 0.5%, to $2,342.80 an ounce, trading between $2,321 and $2,373.
London Precious Metals Prices (LBMA)
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold edged up 70 cents, or 0.04%, to $1,712.10 an ounce.
- Silver dropped 63 cents, or 2.4%, at $25.955 an ounce.
US Mint Bullion Sales in 2021
United States Mint bullion sales increased Thursday by 3,000 ounces in American Gold Eagles; 11,000 ounces in American Gold Buffalos; and 30,500 ounces in American Platinum Eagles. Sales of the Platinum Eagles were the first of 2021.
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 / March | January Sales | February Sales | 2021 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 3,000 | 2,500 | 6,500 | 191,000 | 121,000 | 318,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 9,000 | 0 | 22,000 | 9,000 | 31,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 20,000 | 36,000 | 0 | 56,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 0 | 95,000 | 0 | 95,000 |
| $50 American Buffalo 1 Oz Gold Coin | 11,000 | 0 | 11,000 | 61,500 | 16,000 | 88,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 390,500 | 761,000 | 4,775,000 | 3,191,500 | 8,727,500 |
| $100 American Eagle 1 Oz Platinum Coin | 30,500 | N/A | 30,500 | N/A | N/A | 30,500 |
| America Samoa 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| Weir Farm 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| Salt River Bay 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| Marsh Billings 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| Tallgrass Prairie 5 oz Silver Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
| $1 American Eagle 1 Oz Platinum Coin* | 0 | 0 | 0 | 0 | 0 | 0 |
