Gold extended its string of losses to four in a row on Thursday, while silver edged higher. Elsewhere, platinum logged a solid gain, and palladium soared.
Gold for December delivery settled down $1.70, or 0.09%, closing at $1,948.90 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the lowest since July 27.
"With CPI continuing to slowly tick lower, that portends less likelihood of the Fed’s need to continue to raise interest rates, particularly at the September meeting," Reuters quoted David Meger, director of metals trading at High Ridge Futures.
"As a result, we’ve seen the dollar retrace and yields pull back and that’s a better underlying environment for the gold market."
Earlier Thursday, the U.S. Labor Department reported that consumer prices had risen by 0.2% last month, matching the prior increase. Meanwhile, annual inflation accelerated in July, reaching 3.2% from the previous 3%.
On the day, gold futures traded between $1,944.40 and $1,963.50. They slipped 0.5% on Wednesday, they lost 0.5% on Tuesday, and they fell by 0.3% on Monday.
In a turnaround from a three-session losing streak, silver for September inched up by 9 cents, equivalent to 0.4%, and settled at $22.821 an ounce. Silver futures fluctuated between $22.66 and $23.06. They experienced a decline of 0.3% on Wednesday, marking their lowest settlement since June 23. Moreover, they recorded a fall of 1.8% on Tuesday and a drop of 2% on Monday.
In other precious metals prices on Thursday:
-
October platinum tacked on $22.10, or 2.5%, to $914.80 an ounce, trading between $891.40 and $917. The day’s prior settlement was the weakest since Oct. 19, 2022.
- Up for a second day, palladium for September delivery soared $74, or 6%, to $1,305.50 an ounce, ranging from $1,230.50 and $1,309. On Tuesday, palladium at $1,218.10 an ounce marked its lowest finish since Jan. 3, 2019.
US Mint Bullion Sales in 2023
U.S. Mint published bullion sales were unchanged on Wednesday and Thursday. On Tuesday, the Mint published the first bullion additions for August. Gains included 823,000 ounces in American Silver Eagles and a combined 15,000 ounces in American Gold Eagles.
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 | May | June | This Week / August | July | 2023 Sales | |
| $50 American Eagle 1 Oz Gold Coin | 0 | 60,500 | 35,000 | 8,000 | 41,000 | 674,500 |
| $25 American Eagle 1/2 Oz Gold Coin | 0 | 18,000 | 1,000 | 2,000 | 0 | 75,000 |
| $10 American Eagle 1/4 Oz Gold Coin | 0 | 32,000 | 4,000 | 2,000 | 0 | 134,000 |
| $5 American Eagle 1/10 Oz Gold Coin | 0 | 80,000 | 60,000 | 55,000 | 0 | 440,000 |
| $50 American Buffalo 1 Oz Gold Coin | 0 | 47,000 | 17,000 | 0 | 16,500 | 293,000 |
| $1 American Eagle 1 Oz Silver Coin | 0 | 1,593,000 | 1,482,000 | 823,000 | 209,100,000 | 12,638,000 |
| $100 American Eagle 1 Oz Platinum Coin | 0 | 1,200 | 3,500 | 0 | 0 | 12,700 |
