Precious metals posted losses on Thursday that ranged from 1.5% for palladium to 2.6% for silver. Gold retreated from $1,900 an ounce and an almost five-month settlement high.
Gold for August delivery declined $36.60, or 1.9%, to end at $1,873.30 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are sharply lower in midday U.S. trading Thursday, on heavy profit-taking pressure and weak long liquidation in the futures markets. Gold prices hit a two-week low today and silver prices a three-week low. Strong gains in the U.S. dollar index today played a part in the metals markets’ sell off. Bulls can still argue today’s price action was normal corrective pullbacks in existing price uptrends for gold and silver," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures ranged from a low of $1,866.70 to a high of $1,912.30. They rose 0.3% on Wednesday, registering their highest settlement since Jan. 7, and they edged 0.02% lower in their start to the shortened-trading week on Tuesday.
Silver for July delivery dropped 72.7 cents to settle at $27.477 an ounce. Silver futures traded between $27.09 and $28.37. They gained 0.4% on Wednesday and they rose 0.3% on Tuesday.
In other precious metals futures on Thursday:
July platinum fell $30.20, or 2.5%, to $1,162.50 an ounce, ranging from $1,149 to $1,197.70.
- Palladium for September delivery declined $42 to $2,826.60 an ounce, trading between $2,796 and $2,875.
US Mint Bullion Sales in 2021
Published 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. Products with an asterisk (*) are no longer available.
|US Mint Bullion Sales (# of coins)|
|Thursday / Week / June||Last Week||February Sales||March Sales||April Sales||May||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||2,000||121,000||55,500||38,500||20,500||426,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||9,000||0||0||0||31,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||20,000||0||0||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||55,000||0||0||150,000|
|$50 American Buffalo 1 Oz Gold Coin||0||13,000||16,000||33,500||11,000||44,000||166,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||3,191,500||4,087,000||1,053,000||0||13,106,500|
|$100 American Eagle 1 Oz Platinum Coin||0||13,600||N/A||35,000||0||40,000||75,000|
|Tuskegee Airmen 5 oz Silver Coin||0||0||N/A||N/A||50,000||2,900||52,900|