U.S gold and silver prices eased slightly lower Thursday, tagging along with weaker crude oil prices and despite disappointing U.S. economic reports that pressured the dollar.
June gold prices declined $3.40, or 0.2 percent, to close at $1,492.40 an ounce on the Comex in New York. The yellow metal traded between 1,485.80 and $1,499.60.
"The stability in the dollar over the past few days has led to the trading range in the prices of gold and silver. I am not sure that the sell-off is over, but the market is possibly waiting for another event or more clarity," Jeffrey Sherman, commodities portfolio manager of DoubleLine Capital, which manages more than $10 billion assets, said according to Reuters.
Silver prices for July delivery lost 16.5 cents, or 0.5 percent, to settle at $34.932 an ounce, trading between $34.525 and $35.750.
"While near-term chart damage has occurred in silver recently, the market has at least temporarily stabilized as trading has been choppy and sideways the past week," states Jim Wyckoff of Kitco News.
"The next downside price breakout objective for the bears is closing prices below solid technical support at the May low of $32.30. Bulls’ next upside price objective is producing a close above solid technical resistance at $37.00 an ounce. First resistance is seen at Thursday’s high of $35.75 and then at $36.00. Next support is seen at Thursday’s low of $34.525 and then at $34.00."
Platinum prices for July delivery ended down $10.90, or 0.6 percent, to close at $1,769.00 an ounce. It reached a low of $1,765.30 and a high of $1,793.40.
Palladium prices for June delivery fell $9.05, or 1.2 percent, to settle at $728.15 an ounce. It ranged between $724.00 and $739.60.
London precious metals prices were higher, minus gold. When comparing London fixing prices on Thursday (PM) from those on Wednesday (PM), gold declined $3.50 at $1,493.00 an ounce, silver advanced $1.16 to $35.750 an ounce, platinum added $13.00 to $1,766.00 an ounce, and palladium rose $6.00 at $736.00 an ounce.
United States Mint bullion coin levels remained unchanged Thursday.
| US Mint 2011 Bullion Coin Sales | |||
|---|---|---|---|
| Daily Gains |
May 2011 |
YTD 2011 |
|
| Gold Eagle Coin (1 oz.) | 0 | 80,000 | 438,000 |
| Gold Eagle Coin (1/2 oz.) | 0 | 22,000 | 55,000 |
| Gold Eagle Coin (1/4 oz.) | 0 | 4,000 | 56,000 |
| Gold Eagle Coin (1/10 oz.) | 0 | 15,000 | 215,000 |
| Gold Buffalo Coin (1 oz.) | 0 | 9,500 | 68,000 |
| Silver Eagle (1 oz.) | 0 | 2.1775 M | 17.4255 M |
| ATB Silver Bullion (5 oz.) | 0 | 28,000 | 253,400 |
