On Thursday, precious metals prices declined, with silver leading the way with a 2.2% loss. Gold experienced the smallest drop in terms of percentage, but it ended the day at its lowest price since mid-March.
Gold for August delivery fell by $11.70, or 0.6%, to settle at $1,915.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since March 14.
"The weakness that we’re seeing in gold is reflective of the expectations for a Fed that is more likely to raise interest rates at the July meeting," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
"We’re seeing continuing jobless claims come down and the ADP private payroll numbers came out better than expected. As a result, we’re seeing yields increasing and hence some more pressure applied to the gold market."
Gold futures traded between $1,908.50 and $1,934. They dipped 0.1% on Wednesday and they edged 0.01% higher on Monday.
Meanwhile, silver for September tumbled 51.2 cents, or 2.2%, to close at $22.89 an ounce. The finish was the weakest since a week ago. Silver futures ranged from $22.72 and $23.47. They advanced by 1.3% on Wednesday and they increased by 0.4% on Monday.
In other precious metals prices on Thursday:
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October platinum shed $15.30, or 1.7%, to $909.70 an ounce, trading between $899 and $931.
- Palladium for September delivery gave back $18.50, or 1.5%, to $1,239.40 an ounce, ranging from $1,221.50 to $1,272.50.
US Mint Bullion Sales in 2023
The U.S. Mint last reported bullion sales increases on Monday, June 26. The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | |||||||
|---|---|---|---|---|---|---|---|
| Thursday / Week / July | Last Week | March | April | May | June | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 13,500 | 211,000 | 159,500 | 60,500 | 29,500 | 620,000 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 8,000 | 18,000 | 1,000 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 10,000 | 12,000 | 32,000 | 4,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 45,000 | 10,000 | 35,000 | 80,000 | 60,000 | 385,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 7,000 | 73,000 | 61,000 | 47,000 | 14,000 | 273,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 530,000 | 900,000 | 900,000 | 1,593,000 | 1,25,500 | 9,497,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 7,500 | 500 | 1,200 | 3,500 | 12,700 |
