Gold and Silver Log Fourth Gains and End Near 2-Week High

0

In futures trading Wednesday, palladium declined while gold, silver and platinum advanced. Increases in gold and silver were their fourth in a row, with ending near a two-week high.

Gold for February delivery settled up $8.80, or 0.5%, to $1,827.30 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was the highest since Dec. 31.

“The precious metals are boosted at mid-week by positive daily outside markets that include solidly higher crude oil prices that are near last fall’s seven-year high, a lower U.S. dollar index that hit a two-month low today, and a slight drop in U.S. Treasury yields,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

"The U.S. data point of the week was Wednesday morning’s consumer price index report for December, which came in at up 7.0%, year-on-year."

The Labor Department reported Wednesday that consumer prices increased 0.5% in December from 0.8% in November. Annual inflation at 7% was the highest since June 1982.

Gold futures ranged from a low of $1,814.40 to a high of $1,828. They rose 1.1% on Tuesday and they edged 0.08% higher on Monday.

Silver for March delivery gained 39.5 cents, or 1.7%, to settle at $23.207 an ounce. Like for gold, silver’s finish was its highest since Dec. 31. Silver futures traded between $22.68 and $23.26. They gained 1.6% on Tuesday and they inched up 0.2% on Monday.

In PGM futures on Wednesday:

  • April platinum rose $6.90, or 0.7%, to $980.10 an ounce, ranging from $961.50 to $983, after soaring 4.2% on Tuesday.

  • Palladium for March delivery declined $6.30, or 0.3%, to $1,915.80 an ounce, trading between $1,895.50 and $1,948.50, after rising 0.7% on Tuesday.

US Mint Bullion Sales in 2022

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 December 2021 Sales 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 73,500 14,000 41,000 1,115,500 87,500
$25 American Eagle 1/2 Oz Gold Coin 0 26,000 18,000 1,000 95,000 44,000
$10 American Eagle 1/4 Oz Gold Coin 0 38,000 14,000 2,000 162,000 52,000
$5 American Eagle 1/10 Oz Gold Coin 0 115,000 35,000 0 490,000 150,000
$50 American Buffalo 1 Oz Gold Coin 0 35,000 7,000 10,500 350,500 42,000
$1 American Eagle 1 Oz Silver Coin 0 3,001,000 500,000 0 28,275,000 3,501,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 75,000 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 8,700 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 52,900 0

 

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments