Gold ended lower Thursday for a third day in a row after eight straight session gains that had lifted prices to their best level since early 2013. Palladium was the only metal higher on the day, logging another new record.
Gold for April delivery dipped 60 cents, or 0.04%, to settle at $1,642.50 an ounce on the Comex division of the New York Mercantile Exchange.
"Much of the recent rally have been caused by safe haven flows which could be very quick and very difficult to absorb if sentiments were to shift," Reuters quoted Daniel Ghali, commodity strategist at TD Securities.
"Everybody has bought gold and is looking to sell and that is keeping it from rallying further despite the fact equities have continued to sell off."
Gold futures ranged from a low of $1,636.70 to a high of $1,662.50. They shed 0.4% on Wednesday, they fell 1.6% on Tuesday, and they gained 1.7% on Monday — ending the day at their highest point since Feb. 6, 2013.
Silver for March delivery lost 17.9 cents, or 1%, to end at $17.735 an ounce. Silver futures traded between $17.63 and $18.16. They declined 1.5% on Wednesday, they sank 3.6% on Tuesday, and they jumped 1.9% on Monday — closing at their best price since Sept. 4.
In other precious metals futures prices:
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April platinum settled down $9.30, or 1%, to $905.50 an ounce, ranging from $898.40 to $924.80.
- Palladium for June delivery — the new, most-active contract — gained $44.90, or 1.7%, to a record settlement of $2,711.70 an ounce. Palladium traded between $2,640 and $2,789.80.
London Precious Metals Prices
In comparing earlier fixed London gold and silver prices from Wednesday PM to Thursday PM:
- Gold declined $17.10, or 1.1%, to $1,652 an ounce.
- Silver shed 2.5 cents, or 0.1%, to $18.05 an ounce.
US Mint Bullion Sales in 2020
United States Mint bullion sales increased Thursday by 500 ounces in American Gold Eagles; 2,000 ounces in American Platinum Eagles; and 50,000 ounces in American Silver Eagles.
Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of coins sold during varying periods.
| US Mint Bullion Sales (# of coins) | |||||
|---|---|---|---|---|---|
| Thursday | December | January | February | 2020 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 2,000 | 38,000 | 3,500 | 41,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 23,000 | 0 | 23,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 18,000 | 2,000 | 20,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 5,000 | 0 | 60,000 | 20,000 | 80,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 1,500 | 21,000 | 0 | 21,000 |
| $1 American Eagle 1 Oz Silver Coin | 50,000 | 0 | 3,846,000 | 625,000 | 4,471,000 |
| $1 American Eagle 1 Oz Platinum Coin | 2,000 | 0 | 14,500 | 8,300 | 22,800 |
Palladium is down significantly today. Is it Coronavirus related, or has the metal finally run its course?