Precious metals registered their fifth consecutive declines on Thursday. Platinum and silver finished at more than two-year lows. Gold ended the day at an over six-week low.
Gold for December delivery declined $16.90, or 1%, to settle at $1,709.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since July 20 and follows gold’s prior session finish which extended its monthly losing streak to five in a row.
"Gold and silver are both suffering because of similar reasons: rising interest rate expectations from both side of the Atlantic and a strong U.S. dollar," MarketWatch quoted Fawad Razaqzada, market analyst at City Index and FOREX.com.
Gold futures traded between $1,699.10 and $1,723.
Silver for December delivery lost 21.6 cents, or 1.2%, to settle at $17.666 an ounce, The close was the weakest since June 18, 2020, and also comes following a string of five straight monthly losses. Silver futures ranged from $17.40 to $17.87.
In other precious metals futures prices on Thursday:
October platinum dropped $21.50, or 2.6%, to $805.50 an ounce, trading between $796.80 and $828.40. The settlement was the weakest since June 25, 2020.
- Palladium for December delivery tumbled $82.60, or 4%, to $1,996.30 an ounce, ranging from $1,988 to $2,098.
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 / Sept||Last Week||This Week||May||June||July||August||2022 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||0||16,500||164,500||31,000||59,500||43,500||729,000|
|$25 American Eagle 1/2 Oz Gold Coin||0||0||0||7,000||6,000||5,000||1,000||72,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||0||0||8,000||18,000||2,000||2,000||132,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||0||0||50,000||135,000||20,000||15,000||540,000|
|$50 American Buffalo 1 Oz Gold Coin||0||0||6,500||56,000||21,500||39,500||17,500||316,500|
|$1 American Eagle 1 Oz Silver Coin||0||0||425,000||1,350,000||925,000||850,000||850,000||12,406,500|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||23,500||15,500||1,000||80,000|