Most precious metals prices lower

Precious metals prices were mixed on Thursday, with most lower on the session. The exception was June palladium, which added $4.75 to $374.90 per troy ounce after going as high as $377.90 per troy ounce during the day, its highest price since May 2006. Spot palladium traded in a range between $367.50/372.50.

June gold was $2 lower to $679.70 per troy ounce and traded in a range between $675.50 and $684.60. Spot gold was around $675.80/$676.30 per troy ounce, slightly lower than late Wednesday’s quotes. The afternoon fix in London was at $677.25 per troy ounce.

May silver dropped 3.5 cents to $13.855 per troy ounce, trading in a range from $13.695 to $13.975. Spot silver was at $13.84/$13.89. The London afternoon silver fix was at $13.840 per troy ounce. July platinum dropped $1.80 to $1,279.50 per troy ounce, while spot platinum was quoted around $1,265/$1,270 per troy ounce.

Among base metals, May copper dropped 8 cents to trade at $3.50 per pound on Thursday afternoon.

Crude oil prices were up on the day as continuing refinery problems, including a new shutdown at a Citgo refinery in Louisiana, mean less gasoline available for drivers as the summer driving season nears in the United States. In addition, the International Energy Agency has said that the Organization of Petroleum Exporting Countries has tightened supplies too much, threatening that global supplies will be insufficient for the next few months.

Brent crude was $1 higher to $68.84 per barrel on the Intercontinental Exchange in London, while West Texas Intermediate crude for May delivery added $1.84 to $63.85 per barrel on the New York Mercantile Exchange by mid-afternoon. Nymex gasoline was up 3 cents to $2.19 per gallon, while heating oil added 3 cents as well, to $1.91 per gallon. Natural gas gained 7 cents to $7.91 per million British thermal units.

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