Precious metals moved together to record losses on Thursday, with platinum taking the lead with a 1.9% drop. Gold’s decline marked its first in six sessions, following a recent climb to a more than two-week high.
Gold for December delivery declined by $27.50, or 1.4%, to settle at $1,939.60 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices are sharply down in midday U.S. trading Thursday, in the aftermath of the two-day FOMC meeting that produced an even more hawkish tone on U.S. monetary policy than the marketplace had expected. That’s bearish for raw commodity markets, including the metals," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
On the day, gold futures traded between $1,933.10 and $1,952.20. They increased by 0.7% on Wednesday, marking their highest settlement since Sept. 1. Furthermore, they inched 0.02% higher on Tuesday and climbed by 0.4% on Monday.
Silver for December delivery shed 14.9 cents, or 0.6%, to end at $23.687 an ounce. Silver futures ranged from $23.06 to $23.75. They rose by 1.6% on Wednesday, for their best finish since Sept. 5, they declined by 0.2% on Tuesday, and they increased by 0.5% on Monday.
In other precious metals prices on Thursday:
October platinum gave back $17.70 to $924.60 an ounce, trading between $916.90 and $933.50.
- Palladium for December delivery fell by $11.80, or 0.9%, to $1,269.50 an ounce, ranging from $1,235.50 to $1,274.50.
US Mint Bullion Sales in 2023
U.S. Mint bullion sales have remained unchanged since a week ago Wednesday, Sept. 13. 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 / This Week||Last Week||July||August||September||2023 Sales|
|$50 American Eagle 1 Oz Gold Coin||0||8,500||41,000||78,000||12,000||756,500|
|$25 American Eagle 1/2 Oz Gold Coin||0||10,000||0||2,000||10,000||85,000|
|$10 American Eagle 1/4 Oz Gold Coin||0||22,000||0||2,000||22,000||156,000|
|$5 American Eagle 1/10 Oz Gold Coin||0||15,000||0||150,000||35,000||570,000|
|$50 American Buffalo 1 Oz Gold Coin||0||1,500||16,500||19,500||15,500||328,000|
|$1 American Eagle 1 Oz Silver Coin||0||785,000||209,100,000||3,124,000||1,502,000||16,441,000|
|$100 American Eagle 1 Oz Platinum Coin||0||0||0||0||0||12,700|