Most precious metals futures finished lower Thursday. Palladium dropped from an all-time record, silver declined for the first time since Friday, and gold fell from a one-week high.
Gold for August delivery declined $5.80, or 0.4%, to settle at $1,406.70 an ounce on the Comex division of the New York Mercantile Exchange.
"We saw today’s inflation data — the markets started to back off today because it challenges the need for additional rate cuts," Reuters quoted Chris Gaffney, president of world markets at TIAA Bank, calling bullion’s decline a kneejerk reaction.
Thursday’s move "is just an adjustment of the fact that maybe it had gone up a little fast yesterday, but is still holding nicely above $1,400," he added.
Earlier Thursday, the U.S. Labor Department said consumer prices in June rose 0.1% with core inflation up 0.3% for the biggest monthly increase in nearly one-and-half years.
Gold futures ranged from a low of $1,405.40 to a high of $1,429.40. They tacked on 0.9% on Wednesday, added 50 cents on Tuesday, and lost a dime on Monday. A week ago Wednesday, July 3, gold finished at $1,420.90 an ounce for its highest settlement since May 14, 2013.
Following three days of gains, silver for September delivery lost 8 cents, or 0.5%, to close at $15.146 an ounce. Silver futures traded between $15.12 and $15.35. They climbed 0.5% on Wednesday, rose 0.6% on Tuesday, and gained 0.3% on Monday.
In other precious metals futures prices Thursday:
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October platinum inched up 90 cents, or 0.1%, to $830.90 an ounce, ranging from $825.70 to $836.20.
- Palladium for September delivery fell $29, or 1.8%, to $1,559.10 an ounce, trading between $1,550.30 and $1,600.50. On Wednesday, palladium posted a record settlement of $1,588.10 an ounce.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold added $5.45, or 0.4%, to $1,413.75 an ounce.
- Silver gained 17 cents, or 1.1%, to $15.265 an ounce.
US Mint 2019 Bullion Sales
United States Mint bullion sales were unchanged for a third day after registering their first increases of the month on Monday.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods. Products with an asterisk (*) are no longer available.
| US Mint Bullion Sales (# of coins) | ||||||
|---|---|---|---|---|---|---|
| Thursday | Last Week | This Week / July | May | June | 2019 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 0 | 0 | 3,500 | 4,500 | 78,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 0 | 0 | 20,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 2,000 | 0 | 0 | 28,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 5,000 | 5,000 | 5,000 | 150,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 0 | 0 | 3,000 | 3,000 | 47,500 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 0 | 165,000 | 866,000 | 1,035,000 | 10,187,000 |
| American Memorial Park 5 Oz Silver Coin | 0 | 0 | 0 | 78,000 | 0 | 78,000 |
| Lowell 5 Oz Silver Coin* | N/A | 80,000 | ||||
| $100 American Eagle 1 Oz Platinum Coin* | N/A | 40,000 | ||||
