Precious metals prices tumbled Thursday, led by a 7.3% drop in palladium. Silver marked a nearly 22-month low and gold finished at a more than 3-month low.
Gold for June delivery fell $29.10, or 1.6%, to settle at $1,824.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Feb. 8 when gold ended at $1,821.80 an ounce.
Gold and silver were "pressured in part by a very strong U.S. dollar index that today scored a 20-year high. Bearish charts are also keeping the technically based bears active on the sell side in the futures markets,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note."
Gold futures ranged from $1,820.70 to $1,858.80. They rose 0.7% on Wednesday, they declined 1% on Tuesday, and they fell 1.3% on Monday.
Silver for July delivery tumbled 80.2 cents, or 3.7%, to close at $20.773 an ounce. The settlement was the lowest since silver ended at $20.192 an ounce on July 20, 2020. Silver futures traded between $20.59 and $21.63. They added 0.7% on Wednesday, they lost 1.8% on Tuesday, and they dropped 2.5% on Monday.
In other precious metals futures prices on Thursday:
July platinum declined $58.40, or 5.9%, to $931.40 an ounce, ranging from $929.30 to $987.40.
- Palladium for June delivery sank $147.30, to $1,860.60 an ounce, trading between $1,837 and $2,025.00.
US Mint Bullion Sales in 2022
Published United States Mint bullion sales were unchanged 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||Last Week||This Week||March||April||May||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||36,000||0||140,500||80,500||36,000||466,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||1,000||0||5,000||3,000||1,000||54,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||4,000||0||20,000||14,000||4,000||106,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||50,000||75,000||25,000||50,000||370,000|
|$50 American Buffalo 1 Oz Gold Coin||0||16,500||0||64,500||27,500||16,500||198,500|
|$1 American Eagle 1 Oz Silver Coin||0||425,000||0||1,080,500||850,000||425,000||8,856,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||14,200||0||0||40,000|
|$25 American Eagle 1 Oz Palladium Coin||0||0||0||0||0||0||0|