Gold Hits 1-Month High as US Inflation Climbs

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Precious metals rallied Wednesday, scoring gains ranging from 1.2% for platinum to 2.9% for both silver and palladium. Gold posted its second straight increase and ended at a one-month high.

Gold for December delivery tacked on $35.40, or 2%, to settle at $1,794.70 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Sept. 15.

"As signs that inflation is likely not transient have emerged over the last few days between commodity price rallies … increasing wage inflation and price inflation, gold’s role as an inflation hedge has moved back to the forefront," Colin Cieszynski, chief market strategist at SIA Wealth Management, told MarketWatch

The Labor Department reported Wednesday that consumer prices increased 0.4% in September from 0.3% in August while annual inflation rose 5.4% following a 5.3% increase.

"There’s more risk aversion in the market and gold is benefiting from that, coupled with concerns about inflation and cooling of the global economy," Commerzbank analyst Daniel Briesemann said according to Reuters.

Gold futures ranged from a low of $1,757.90 to a high of $1,778.50. They rose 0.2% on Tuesday and they dipped 0.1% on Monday.

Silver for December delivery jumped 65.6 cents to close at $23.17 an ounce. Silver futures traded between $22.48 and $22.97. They fell 0.7% on Tuesday and they shed 0.2% on Monday.

In PGM futures on Wednesday:

  • January platinum rose $12.50 to $1,024.20 an ounce, ranging from $1,003 to $1,033.80.

  • Palladium for December delivery surged $58.30 to $2,106.10 an ounce, trading between $2,035.50 and $2,147.50.

US Mint Bullion Sales in 2021

Published United States Mint bullion sales were unchanged Wednesday.

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)
Wednesday Last Week This Week August September October 2021 Sales
$50 American Eagle 1 Oz Gold Coin 0 81,500 11,000 112,000 67,500 92,500 906,000
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 21,000 4,000 0 81,000
$10 American Eagle 1/4 Oz Gold Coin 0 4,000 0 34,000 8,000 4,000 132,000
$5 American Eagle 1/10 Oz Gold Coin 0 20,000 5,000 50,000 35,000 25,000 390,000
$50 American Buffalo 1 Oz Gold Coin 0 12,500 20,000 27,500 24,000 32,500 292,000
$1 American Eagle 1 Oz Silver Coin 0 500,000 0 3,930,000 2,735,000 500,000 26,175,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0 75,000
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0 52,900

 

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