Gold and Palladium Rise on Monday, Jan. 24

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Precious metals split on Monday with gold and palladium gaining and silver and platinum falling. Gold’s gain was its first in three sessions.

Gold for February delivery rose $9.90, or 0.5%, to settle at $1,841.70 an ounce on the Comex division of the New York Mercantile Exchange.

"Safe-haven buying is featured amid a ‘risk-off’ trading day in the marketplace to start the trading week. Silver prices are sharply down as that market is not seeing the safe-haven bid that gold is getting. Sharp losses in crude oil prices and a rally in the U.S. dollar index today are negatives for the metals markets, and they are also limiting the upside in gold,” Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

Gold futures ranged from a low of $1,829.30 to a high of $1,844.90. They rose 0.8% last week.

Silver for March delivery dropped 52 cents, or 2.1%, to settle at $23.80 an ounce. Silver futures traded between $23.59 and $24.36. Last week silver advanced 6.1%.

In other precious metals futures on Monday:

  • April platinum shed $14.80, or 1.4%, to $1,020.30 an ounce, ranging from $1,003.20 to $1,041.80.

  • Palladium for March delivery gained $36.70, or 1.7%, to $2,141 an ounce, trading between $2,084 and $2,149.

Last week platinum surged 7.3% and palladium soared 12%.

US Mint Bullion Sales in 2022

Published United States Mint increased on Monday by 980,500 ounces in silver coins and a combined 39,500 ounces in gold coins.

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)
Monday Last Week December 2021 Sales 2022 Sales
$50 American Eagle 1 Oz Gold Coin 22,500 0 41,000 1,115,500 110,000
$25 American Eagle 1/2 Oz Gold Coin 1,000 0 1,000 95,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 10,000 0 2,000 162,000 62,000
$5 American Eagle 1/10 Oz Gold Coin 30,000 0 0 490,000 180,000
$50 American Buffalo 1 Oz Gold Coin 11,000 0 10,500 350,500 53,000
$1 American Eagle 1 Oz Silver Coin 980,500 0 0 28,275,000 4,481,500
$100 American Eagle 1 Oz Platinum Coin 0 0 0 75,000 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 8,700 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 52,900 0

 

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