Precious metals tumbled on Thursday as the U.S. dollar rallied. Gold futures ended at their lowest price in just over 6 years while silver neared a more than 6.3-year low.
Gold for February delivery declined $27.20, or 2.5%, to close at $1,049.60 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since Oct. 30, 2009 when the yellow metal ended at $1,040.40 an ounce.
"Gold and silver prices ended the U.S. day session sharply lower Thursday. A very strong rally in the U.S. dollar index on this day put sharp downside price pressure on the precious metals markets," Jim Wyckoff, a senior analyst at Kitco Metals Inc., said in a report. " The other key ‘outside market’ was also in a bearish posture for the metals today, as crude oil prices were lower and are back down near their recent contract and multi-year lows."
Gold prices ranged from a low of $1,046.80 to a high of $1,072.70. On Wednesday, they tacked on $15.20 or 1.4%.
Silver for March delivery fell 54.5 cents, or 3.8%, to settle at $13.703 an ounce. The price is a half penny above Monday’s close when silver ended at its lowest level since July 30, 2009. Silver prices traded from $13.67 to $14.23. They rallied in the previous session by 47.8 cents or 3.5%.
In other precious metals dealings, platinum declined for the first time in five sessions and palladium fell for the first time in four sessions. In their daily closings:
-
January platinum lost $31.30, or 3.6%, to $844.70 an ounce, ranging from $842.40 to $883.90.
- Palladium for March delivery gave back $14.50, or 2.5%, to $557.45 an ounce, trading between $551.25 and $572.
London Precious Metals Prices
Earlier fixed London gold and silver prices were mixed. In comparing their levels from Wednesday PM to Thursday PM:
- Gold declined $25.85, or 2.4%, to $1,049.40 an ounce.
- Silver gained 34 cents, or 2.5%, to $14.08 an ounce.
LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.
US Mint Bullion Coin Sales
United States Mint bullion sales were unchanged for a second day in a row. Expect only small movements through the next few weeks with all the agency’s silver coins and most of its gold coins sold out. New 2016-dated editions do not launch until Jan. 11.
Below is a listing of U.S. Mint bullion products with the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Thursday Sales | Last Week | This Week | Nov Sales | Dec Sales | YTD Sales | |
| $50 American Eagle 1 Oz Gold Coins* | N/A | N/A | N/A | 80,500 | N/A | 626,500 |
| $25 American Eagle 1/2 Oz Gold Coins | 0 | 1,000 | 0 | 7,000 | 1,000 | 75,000 |
| $10 American Eagle 1/4 Oz Gold Coins* | N/A | N/A | N/A | 12,000 | N/A | 158,000 |
| $5 American Eagle 1/10 Oz Gold Coins* | N/A | N/A | N/A | 100,000 | N/A | 980,000 |
| $50 American Buffalo 1 Oz Gold Coins | 0 | 500 | 1,000 | 38,000 | 1,500 | 220,500 |
| $1 American Eagle 1 Oz Silver Coins* | N/A | 1,020,000 | 1,130,000 | 4,824,000 | 2,333,500 | 47,000,000 |
| 2015 Homestead 5 Oz Silver Coins* | N/A | 35,000 | ||||
| 2015 Kisatchie 5 Oz Silver Coins* | 42,000 | |||||
| 2015 Blue Ridge Parkway 5 Oz Silver Coins* | 45,000 | |||||
| 2015 Bombay Hook 5 Oz Silver Coins* | 45,000 | |||||
| 2015 Saratoga 5 Oz Silver Coins* | N/A | 35,800 | 9,200 | 45,000 | ||
