Gold prices settled lower Thursday for the first time in seven sessions, slipping from the prior-day closing that was the highest in 10 weeks.
Gold for August delivery declined $5.60, or 0.4%, to close at $1,317 an ounce on the Comex division of the New York Mercantile Exchange.
"The gold price is building up strength to tackle the mid- to high-$1,320s before attacking more overhead resistance," MarketWatch quoted Julian Phillips, founder of and contributor to GoldForecaster.com. "I see the fall as part of the usual ebb and flow of prices."
"With the suppuration of the sectarian war in the [Middle East], the initial shock has been absorbed but the implications have not," he said. "Today, we see Syria and Iran joining in the fray as a signal of things to come while we are expecting Jordan to be dragged in soon."
Gold prices traded from a low of $1,306.80 to a high of $1,320.60. On Wednesday, gold notched the highest settlement since April 14.
Silver settled down for the first time in three sessions. Silver for July delivery dipped less than a penny to $21.11 an ounce, ranging from $20.80 to $21.12.
In rounding out the precious metals complex:
-
October platinum shed $3, or 0.2%, to $1,471.30 an ounce, trading between $1,462.20 and $1,474.60.
- Palladium for September delivery added $2.55, or 0.3%, to $835.80 an ounce, ranging from $827.50 to $836.50.
London Fix Precious Metals
Earlier fixed London precious metals were mostly higher. In contrasting London bullion fix prices from Wednesday PM to Thursday PM:
- Gold lost $5, or 0.4%, to $1,311.75 an ounce,
- Silver gained 5 cents, or 0.2%, to $20.83 an ounce,
- Platinum added $7, or 0.5%, to $1,466 an ounce, and
- Palladium rose $9, or 1.1%, to $835 an ounce
US Mint Bullion Sales in June
United States Mint bullion products advanced with sales of 6,500 ounces in gold coins and 380,000 ounces in silver coins. Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold last on Thursday, last week, this week so far, last month, the month-to-date, and the year-to-date.
| American Eagle and Buffalo Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Thursday Sales | Sales Last Week Sales | Week-To-Date Sales | May Sales | June Sales | YTD Sales | |
| $100 American Platinum Eagle Bullion Coins | 0 | 0 | 0 | 1,000 | 700 | 12,900 |
| $50 American Gold Eagle Bullion Coins | 5,500 | 11,500 | 9,000 | 29,000 | 38,000 | 193,500 |
| $25 American Gold Eagle Bullion Coins | 0 | 0 | 0 | 3,000 | 0 | 25,000 |
| $10 American Gold Eagle Bullion Coins | 2,000 | 2,000 | 2,000 | 6,000 | 4,000 | 72,000 |
| $5 American Gold Eagle Bullion Coins | 0 | 5,000 | 0 | 35,000 | 20,000 | 345,000 |
| $50 American Buffalo Gold Bullion Coins | 500 | 6,500 | 500 | 12,500 | 12,500 | 108,000 |
| $1 American Eagle Silver Bullion Coins | 380,000 | 580,000 | 380,000 | 3,988,500 | 2,305,000 | 23,741,500 |
| Great Smoky Mountains National Park 5 Oz Silver Bullion Coins | 0 | 0 | 1,000 | 4,000 | 2,000 | 29,000 |
| Shenandoah National Park 5 Oz Silver Bullion Coins | 0 | 0 | 400 | 19,500 | 900 | 20,000 |
| Arches National Park 5 Oz Silver Bullion Coins | 0 | 2,800 | 2,000 | N/A | 18,300 | 18,300 |
