For the first time this week, precious metals did not decline collectively. Silver, platinum, and palladium all experienced gains, with the latter two rebounding from significant settlement lows. However, gold continued its downward trajectory for the ninth consecutive time, further contributing to its twelfth loss in thirteen sessions, and marking its weakest price in five months.
Gold for December delivery fell by $13.10, or 0.7%, to settle at $1,915.20 an ounce on the Comex division of the New York Mercantile Exchange.The settlement registered as the lowest point since March 14.
"Gold prices are modestly down and hit another five-month low today, as U.S. Treasury yields are on the rise, with the 10-year note scoring its highest yield in 15 years, at around 4.3%. The present rally in the U.S. dollar index is another bearish element that have the gold and silver sellers in overall control," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
During the day, gold futures traded between $1,914.20 and $1,933.50. They gave back 0.4% on Wednesday, they shed 0.5% on Tuesday, and they dipped 0.1% on Monday.
Snapping a four-session losing streak, silver for September tacked on 18 cents, equivalent to 0.8%, and ended at $22.715 an ounce. Throughout the day, silver futures fluctuated between $22.39 and $23.07, following losses of 0.5% on Wednesday, and 0.2% on both Monday and Tuesday. On Wednesday, silver marked its lowest close since June 23.
In other precious metals prices on Thursday:
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Rising for the first time in five sessions, October platinum rose by $4.30, or 0.5%, to finish at $895.60 an ounce, trading between $884 and $913.60. On Wednesday, platinum logged its lowest settlement since Oct. 19, 2022.
- Up for the first time in four sessions, palladium for September delivery added $8.10, or 0.7%, to close at $1,220.50 an ounce, with prices ranging from $1,205.50 to $1,241. On Wednesday, platinum posted its lowest ending price since Jan. 3, 2019.
US Mint Bullion Sales in 2023
On Tuesday, Wednesday, and Thursday, published U.S. Mint bullion sales figures remained unchanged. On Monday, and for only the second time this month, the Mint reported gains of 760,000 ounces in American Silver Eagles, 11,500 ounces in American Gold Buffalos, and a combined total of 8,500 ounces in American Gold Eagles.
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 | Last Week | This Week | June | July | August | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 8,000 | 8,000 | 35,000 | 41,000 | 16,000 | 682,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 2,000 | 0 | 1,000 | 0 | 2,000 | 75,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 2,000 | 0 | 4,000 | 0 | 2,000 | 134,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 55,000 | 5,000 | 60,000 | 0 | 60,000 | 445,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 11,500 | 17,000 | 16,500 | 11,500 | 304,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 823,000 | 760,000 | 1,482,000 | 209,100,000 | 1,583,000 | 13,398,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 0 | 3,500 | 0 | 0 | 12,700 |
