Precious metals posted losses on Thursday that ranged from a more modest 0.5% dip for gold to a more severe 2.5% drop for palladium.
After reaching its highest settlement since June 6 in the previous session, gold for August delivery declined by $9.90 to close at $1,970.90 an ounce on the Comex division of the New York Mercantile Exchange.
"Gold and silver prices weaker in midday U.S. trading early Thursday, on normal downside corrections following recent gains. A rally in the U.S. dollar index, weaker crude oil prices and a rise in U.S. Treasury yields are all negative daily ‘outside’ elements for the precious metals markets," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.
On the day, gold futures traded between $1,967.70 and $1,989.80, after registering flat on Wednesday, rising by 1.3% on Tuesday, and falling by 0.4% on Monday.
After scoring its best settlement since May 10 in the prior session, silver for September retreated by 42.5 cents, or 1.7%, and closed at $24.962 an ounce. Silver futures fluctuated between $24.89 and $25.48, following a 0.5% increase on Wednesday, a 1% climb on Tuesday, and a 0.7% drop on Monday.
In other precious metals futures prices on Thursday:
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October platinum declined by $20.70, or 2.1%, to $964.10 an ounce, trading between $961.60 and $987.
- Palladium for September delivery lost $32.10 to $1,275.30 an ounce, ranging from $1,262 to $1,310.
US Mint Bullion Sales in 2023
Last week, on Tuesday, the U.S. Mint reported the first bullion sales gains for the month and published updated figures for June. Since then, there have been no further reports of bullion sales.
The table below presents a breakdown of U.S. Mint bullion products sold, with columns indicating the number of coins sold (not total ounces) during different time periods.
| US Mint Bullion Sales (# of coins) | |||||||
|---|---|---|---|---|---|---|---|
| Thursday / This Week | Last Week / July | March | April | May | June | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 12,000 | 211,000 | 159,500 | 60,500 | 35,000 | 637,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 0 | 1,000 | 8,000 | 18,000 | 1,000 | 73,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 0 | 10,000 | 12,000 | 32,000 | 4,000 | 132,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 0 | 10,000 | 35,000 | 80,000 | 60,000 | 385,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 2,500 | 73,000 | 61,000 | 47,000 | 17,000 | 279,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 414,000 | 900,000 | 900,000 | 1,593,000 | 1,482,000 | 10,138,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 0 | 7,500 | 500 | 1,200 | 3,500 | 12,700 |
