Gold and Silver Log 8th Gains in 9 Sessions as Inflation Surges

0

Precious metals changed little Thursday with modest increases for gold, silver and platinum and a less than 1% loss for palladium. Gains in gold and silver were their fifth in row, and their eighth in nine sessions. The two scored fresh, more than two-week highs.

Gold for April delivery edged 80 cents, or 0.04%, higher to finish at $1,837.40 an ounce on the Comex division of the New York Mercantile Exchange. The settlement was gold’s best since Jan. 25.

"Gold and silver futures prices are firmer in midday U.S. trading Thursday, in the aftermath of key U.S. inflation data that ran hot and at a 40-year high. The key outside markets are also in bullish daily postures for the precious metals markets at midday — a lower U.S. dollar index and higher crude oil prices," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.

The Labor Department reported Thursday that consumer prices increased 0.6% in January, lifting annual inflation by 7.5% for the biggest gain since February 1982.

Gold futures traded between $1,821.80 and $1,838.70. They inched 0.5% higher on Wednesday, they gained 0.8% on Tuesday, and they rose 0.8% on Monday.

Silver for March advanced 18.1 cents, or 0.8%, to settle at $23.522 an ounce. Silver futures ranged from $23.14 to $23.74. The close was silver’s highest since Jan. 26. The metal gained 0.6% on Wednesday, it rose 0.5% on Tuesday, and it surged 2.7% on Monday.

In other precious metals futures prices on Thursday:

  • April platinum added $5.10, or 0.5%, to $1,042.50 an ounce, trading between $1,016 and $1,058.60.

  • Palladium for March delivery declined $19.80, or 0.9%, to $2,265.30 an ounce, ranging from $2,255 to $2,331.

US Mint Bullion Sales in 2022

Published United States Mint bullion sales were unchanged Thursday. 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)
Thursday Last Week This Week / February December January 2022 Sales
$50 American Eagle 1 Oz Gold Coin 0 13,500 21,000 41,000 123,500 144,500
$25 American Eagle 1/2 Oz Gold Coin 0 0 0 1,000 45,000 45,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 2,000 2,000 64,000 66,000
$5 American Eagle 1/10 Oz Gold Coin 0 15,000 10,000 0 195,000 205,000
$50 American Buffalo 1 Oz Gold Coin 0 8,500 5,500 10,500 61,500 67,000
$1 American Eagle 1 Oz Silver Coin 0 500,000 500,000 0 5,001,000 5,501,000
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 0
$25 American Eagle 1 Oz Palladium Coin 0 0 0 0 0 0
Tuskegee Airmen 5 oz Silver Coin 0 0 0 0 0 0

 

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments