Precious metals sank Thursday, posting losses ranging from 4.7% for gold to 11.4% for palladium. Gold marked its fourth decline in five sessions, and it finished at a 7-week low.
Gold for August delivery fell $86.60 to settle at $1,774.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since gold ended April 30 at $1,767.70 an ounce.
"The metals saw a very bearish reaction to Wednesday afternoon’s Federal Reserve Open Market Committee (FOMC) meeting that was deemed hawkish on U.S. monetary policy. That, in turn, powered the U.S. dollar index to a two-month high, further hurting the metals market bulls," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
Gold futures ranged from a low of $1,767.90 to a high of $1,826.40. They rose 0.3% on Wednesday, they declined 0.5% on Tuesday, and they lost 0.7% on Monday.
Silver for July delivery plummeted $1.96, or 7%, to close at $25.856 an ounce. The finish was the worst since silver settled April 20 at $25.84 an ounce. Silver futures traded between $25.82 and $27.32. They climbed 0.4% on Wednesday, they fell 1.2% on Tuesday, and they dipped 0.4% on Monday.
In other precious metals prices Thursday:
July platinum declined $86.70, or 7.6%, to $1,055.20 an ounce, ranging from $1,043.90 to $1,131.40.
- Palladium for September delivery plunged $324.60 to $2,512.20 an ounce, trading between $2,501 and $2,808.50.
US Mint Bullion Sales in 2021
The United States Mint published no sales gains on 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 / This Week||Last Week||March Sales||April Sales||May||June||2021 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||4,000||55,500||38,500||20,500||4,000||430,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||0||0||0||31,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||20,000||0||0||0||56,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||55,000||0||0||0||150,000|
|$50 American Buffalo 1 Oz Gold Coin||0||7,000||33,500||11,000||44,000||7,000||173,000|
|$1 American Eagle 1 Oz Silver Coin||0||0||4,087,000||1,053,000||0||0||13,106,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||35,000||0||40,000||0||75,000|
|Tuskegee Airmen 5 oz Silver Coin||0||0||N/A||50,000||2,900||0||52,900|